Pension & Insurance

How much will your pension be when you retire?

The Amount Retiring on or after March 2009- $57.50 x years of service and completed months after 30 years of service.

Example of base pension calculation

Age 65 with 20 Years of Credit Services Pension Amount = $57.50
20 Year's CS X $57.50 = $1,150 / month Base Pension

Example of early retirement- IMMEDIATE Pension Benefit

Age 57 20 Year's CS
Base Pension = $1,150 (as already shown)

Early Retirement Reduction: Retiring 5 years or 60 months before age 62

60 months X .004 = .24 reduction
.24 X $1,150 = $276.00
$1,150 - $276.00 = $874.00 Early Retirement Immediate Pension Benefit