Service Retirement - General Information
- Service Retirement Eligibility Requirements
- Correlated Systems
- Service Retirement Option A Annuity Formula
- Unused Leave at Retirement
- Your Average Final Compensation
- Approximate Option A Monthly Annuity at Retirement
- Payment Plans at Retirement
Service Retirement Annuity Calculation - Class Two
If you are a Class Two PORS member, meaning your membership was effective prior to July 1, 2012, the following four-step formula is used to calculate your standard monthly annuity (Option A payment plan).
Step 1 |
Total your 12 highest consecutive quarters of earnable compensation and divide by 3.
|
Step 2 |
Multiply the result of Step 1 by 2.14 percent (.0214) for Class II service. |
Step 3 |
Multiply the result of Step 2 by years, months, and days of creditable service. Convert months to days and divide the total days by 360 to determine a decimal equivalent for partial years. For example, 25 years, 2 months and 10 days equals 25 years, 70 days (60 + 10). 70 ÷ 360 = .19. This amounts to 25.19 years of service. |
Step 4 |
Divide the result of Step 3 by 12. |
Example
Average final compensation (AFC) = $25,000
Creditable retirement service = 25 years
$25,000 x 2.14% (.0214) = $535
$535 x 25 = $13,375 annual retirement benefit
$13,375 ÷ 12 = $1,114.58 standard monthly benefit
Return to Top Menu
Service Retirement Annuity Calculation-Class Three
If you are a Class Three PORS member, meaning your membership was effective after July 1, 2012, the following four-step formula is used to calculate your standard monthly annuity (Option A payment plan).
Step 1 |
Total your 20 highest consecutive quarters of earnable compensation and divide by 5. |
Step 2 |
Multiply the result of Step 1 by 2.14 percent (.0214) for Class II service. |
Step 3 |
Multiply the result of Step 2 by years, months, and days of creditable service. Convert months to days and divide the total days by 360 to determine a decimal equivalent for partial years. For example, 25 years, 2 months and 10 days equals 25 years, 70 days (60 + 10). 70 ÷ 360 = .19. This amounts to 25.19 years of service. |
Step 4 |
Divide the result of Step 3 by 12. |
Example
Average final compensation (AFC) = $38,100
Creditable retirement service = 27 years
$38,100 x 2.14% (.0214) = $815.34
$815.34 x 27 = $22,014.18 annual retirement benefit
$22,014.18 ÷ 12 = $1,834.52 standard monthly benefit
Return to Top Menu
Approximate Amount of Option A Monthly Benefit at Retirement
The information in the table below is based on the Option A payment option. Choosing Option B or Option C to provide a future benefit for beneficiaries will reduce the amount of your monthly benefit.
AFC |
Years of Service |
Additional Monthly Benefit for Each Additional Year | |||||
| 25 | 26 | 27 | 28 | 29 | 30 | ||
| $ 15,000 | $ 669 | $ 696 | $ 722 | $ 749 | $ 776 | $ 803 | $ 27 |
| 20,000 | 892 | 927 | 963 | 999 | 1,034 | 1,070 | 36 |
| 25,000 | 1,115 | 1,159 | 1,204 | 1,248 | 1,293 | 1,338 | 45 |
| 30,000 | 1,338 | 1,391 | 1,445 | 1,498 | 1,552 | 1,605 | 54 |
| 35,000 | 1,560 | 1,623 | 1,685 | 1,748 | 1,810 | 1,873 | 62 |
| 40,000 | 1,783 | 1,855 | 1,926 | 1,997 | 2,069 | 2,140 | 71 |
| 45,000 | 2,006 | 2,087 | 2,167 | 2,247 | 2,327 | 2,408 | 80 |
| 50,000 | 2,229 | 2,318 | 2,408 | 2,497 | 2,586 | 2,675 | 89 |
| 55,000 | 2,452 | 2,550 | 2,648 | 2,746 | 2,844 | 2,943 | 98 |
| 60,000 | 2,675 | 2,782 | 2,889 | 2,996 | 3,103 | 3,210 | 107 |
| 65,000 | 2,898 | 3,014 | 3,130 | 3,246 | 3,362 | 3,478 | 116 |
| 70,000 | 3,121 | 3,246 | 3,371 | 3,495 | 3,620 | 3,745 | 125 |
| 75,000 | 3,344 | 3,478 | 3,611 | 3,745 | 3,879 | 4,013 | 134 |
| 80,000 | 3,567 | 3,709 | 3,852 | 3,995 | 4,137 | 4,280 | 143 |
| 85,000 | 3,790 | 3,941 | 4,093 | 4,244 | 4,396 | 4,548 | 152 |
| 90,000 | 4,013 | 4,173 | 4,334 | 4,494 | 4,655 | 4,815 | 161 |
| 95,000 | 4,235 | 4,405 | 4,574 | 4,744 | 4,913 | 5,083 | 169 |
| 100,000 | 4,458 | 4,637 | 4,815 | 4,993 | 5,172 | 5,350 | 178 |