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SCRS - Active Members
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).
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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 quarters of earnable
compensation. The result of Step 1 is your average final
compensation (AFC).
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Step 2 |
Multiply the result of
Step 1 by 1.82 percent (.0182) for Class II service or by 1.45
percent (.0145) for Class I service.
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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.
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Step 4 |
Divide the result of
Step 3 by 12.
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Example
Average final compensation (AFC) = $25,000
Creditable retirement service = 28 years
$25,000 x 1.82% (.0182) = $455
$455 x 28 = $12,740 annual retirement annuity
$12,740 ÷ 12 = $1,061.67 standard monthly annuity
If your retirement is considered early
based on either your age or years of creditable service, your annuity will
be reduced.
If you are a Teacher and Employee Retention Incentive (TERI) program participant who retired on or after July 1, 2005, during
your TERI deferral period, your unused annual leave will not be included
in your annuity calculation. However, your annuity will be recalculated
prospectively upon termination of employment at the end of your TERI
period and may include up to 45 days of unused annual leave paid at
termination (end of TERI).
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.
|
Service and Age |
Percentage |
Type of Benefit |
| 25 years at age 55 |
40% |
Reduced early retirement |
| 26 years at age 55 |
44% |
Reduced early retirement |
| 27 years at age 55 |
46% |
Reduced early retirement |
| 28 years at any age |
51% |
Normal retirement |
| 29 years at any age |
53% |
Normal retirement |
| 30 years at any age |
55% |
Normal retirement |
Approximate Option A 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 (or retiring with SCRS early
retirement reductions*) 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 |
$ 569 |
$ 592 |
$ 614 |
$ 637 |
$ 660 |
$ 683 |
$ 23 |
| 20,000 |
758 |
789 |
819 |
849 |
880 |
910 |
30 |
| 25,000 |
948 |
986 |
1,024 |
1,062 |
1,100 |
1,138 |
38 |
| 30,000 |
1,138 |
1,183 |
1,229 |
1,274 |
1,320 |
1,365 |
46 |
| 35,000 |
1,327 |
1,380 |
1,433 |
1,486 |
1,539 |
1,593 |
53 |
| 40,000 |
1,517 |
1,577 |
1,638 |
1,699 |
1,759 |
1,820 |
61 |
| 45,000 |
1,706 |
1,775 |
1,843 |
1,911 |
1,979 |
2,048 |
68 |
| 50,000 |
1,896 |
1,972 |
2,048 |
2,123 |
2,199 |
2,275 |
76 |
| 55,000 |
2,085 |
2,169 |
2,252 |
2,336 |
2,419 |
2,503 |
83 |
| 60,000 |
2,275 |
2,366 |
2,457 |
2,548 |
2,639 |
2,730 |
91 |
| 65,000 |
2,465 |
2,563 |
2,662 |
2,760 |
2,859 |
2,958 |
99 |
| 70,000 |
2,654 |
2,760 |
2,867 |
2,973 |
3,079 |
3,185 |
106 |
| 75,000 |
2,844 |
2,958 |
3,071 |
3,185 |
3,299 |
3,413 |
114 |
| 80,000 |
3,033 |
3,155 |
3,276 |
3,397 |
3,519 |
3,640 |
121 |
| 85,000 |
3,223 |
3,352 |
3,481 |
3,610 |
3,739 |
3,868 |
129 |
| 90,000 |
3,413 |
3,549 |
3,686 |
3,822 |
3,959 |
4,095 |
137 |
| 95,000 |
3,602 |
3,746 |
3,890 |
4,034 |
4,178 |
4,323 |
144 |
| 100,000 |
3,792 |
3,943 |
4,095 |
4,247 |
4,398 |
4,550 |
152 |
| 105,000 |
3,981 |
4,141 |
4,300 |
4,459 |
4,618 |
4,778 |
159 |
| 110,000 |
4,171 |
4,338 |
4,505 |
4,671 |
4,838 |
5,005 |
167 |
*SCRS early retirement deductions apply if
you retire with fewer than 28 years of service credit. |
      
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