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| Benefit Calculation | |||||||||||||||||||||||||||||||||||||
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Computing your benefit involves calculating the value in your account. The value is the sum of your employee deductions, employer contributions and investment earnings. Based on this value and your age, our actuarial tables determine the monthly benefit. This dollar value is figured on the date you start receiving benefit payments.
By law, the tables do not differentiate between genders; they are based on the current assumed annual interest rate for annuitants - 6 percent. To estimate your annual benefit, divide the current or projected value of your account by the life expectancy factor shown for your age at retirement (see table below). Example: You are retiring at age 64 with an account balance of $200,000. Divide $200,000 by 12.370 to determine your annual benefit, that is, $16,168, or your monthly benefit of $1,347. Remember two other factors that after this benefit. The annual cost-of-living increases raise your benefit after you retire. Also, if you die early, the minimum payment on your account, in this example, is $200,000, less any benefit payments made. You can also estimate your monthly benefit by clicking on Account Online then click Unclassified Plan Estimate. |
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