There are several factors used to determine your retirement benefit. First we consider your length of service. Then we calculate your high-five average salary, using your highest five consecutive years of salary. We take your years and months of service and convert these to a percentage using a benefit multiplier, also known as a benefit formula.
Hire date determines the benefit multiplier
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if first hired before July 1, 2010, you receive 2.4% for each year of service.
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If first hired after June 30, 2010, you receive 2.2% for each year of service.
Early retirement reduction
If you retire before full retirement age, your monthly benefit is reduced by an early retirement factor.
For more information
See the Correctional Employees Retirement Handbook (pdf) or call MSRS at 651-296-2761 or 1-800-657-5757.
Example of how we calculate your retirement benefit
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The assumptions |
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Age at retirement |
55 |
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Allowable service |
25 years |
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Average monthly salary |
$3,529 |
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Benefit payment option |
Single-Life |
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The calculation |
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25 years x 2.4% = 60% $3,529 (your average monthly salary) |
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