HOW TO FIGURE YOUR OWN PENSION

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Figuring your own pension is not difficult. Use the following procedure:

Obtain your hourly rate of pay from a check stub, or pay change report, or from the payroll clerk.

Figure the percent pension you will recieve:

Pension per year in decimal form X(times) Number of Completed Years of Service = Percent Pension - Decimal Form
.025 (Max .75) X(times)

=


Figure your yearly pension:

Hourly Rate of Pay X 40 Hour Work Week X 52 Weeks per Year X Percent Pension - Decimal Form (from above) = Annual Pension


X 40 X 52 X
=


Figure your monthly pension (Pesnion checks are sent the first of each month):

Yearly Pension /(divided by) Number of Months = Monthly Pension


/(divided by) 12 =


You can't collect any pension until you are 50 YOA and have completed 20 full years of service. If you retire with less than 20 years of service you don't collect a pension until you are 60 YOA. If you retire with more than 30 years you collect a pension on only the first 30 years. This procedure will only work if you have continous service and a fairly straight forward pension. If figuring your pension is more complex for some reason (left the department temporarily etc.) please contact a board member to figure your pension.

Remember taxes and that you will no longer have a pension deduction however you will pay more for health insurance. Also, be sure to figure in any other payroll deductions.


An example:


53 years old, completed 23 years of service and makes $21.35 per hour.

Figure the percent pension you will recieve:

Pension per year in decimal form X Number of Completed Years of Service = Percent Pension - Decimal Form
.025 (Max .75) X

23

=

.575



Figure your yearly pension:

Hourly Rate of Pay X 40 Hour Work Week X 52 Weeks per Year X Percent Pension - Decimal Form (from above) = Annual Pension

$21.35

X 40 X 52 X

.575

=

$25,534.60



Figure your monthly pension (Pesnion checks are sent the first of each month):

Yearly Pension /(divided by) Number of Months = Monthly Pension

$25,534.60

/(divided by) 12 =

$2,127.88



To print this out and use the form to figure out your pension use the print proceedure for your browser. If you have any questions contact a Pension Board Member.
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