PORS - Service Retirement

Service Retirement - General Information

Service Retirement Annuity Formula

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.


The dollar amount of payment for up to 45 days of unused annual leave paid by your last employer at retirement may be included before averaging your 12 highest consecutive calendar quarters of earnable compensation. The result of Step 1 is your average final compensation (AFC).
 

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 annuity
$13,375 ÷ 12 = $1,114.58 standard monthly annuity

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Approximate Percentages of Monthly Annuity
at Retirement

The information in the table below is based on the standard monthly annuity (Option A payment plan). Choosing Options B or C to provide a future annuity for beneficiaries will reduce the amount of your monthly annuity.

 

Years of Service Credit Percentage
25 54%
30 64%
35 75%
40 86%

 

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Approximate Amount of Monthly Annuity at Retirement

The information in the table below is based on the standard monthly annuity (Option A payment plan). Choosing Options B or C to provide a future annuity for beneficiaries will reduce the amount of your monthly annuity.

 

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

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