There are several factors used to determine your retirement benefit. First we consider the length of service. Then we calculate the high-five average salary, using your highest five years of salary in the last ten years of service. We take these two pieces and apply it to a "benefit formula" to determine your retirement benefit.
|Appointed/elected as judge . . .||Formula|
Formula is 3.2% multiplied by the number of years and fractions of years of allowable service, and then multiplied by final average compensation. The maximum percentage of 76.8% coincides with the allowable service credit limit of approximately 24 years.
|7/1/2013 or after |
|Formula is 2.5% multiplied by the number of years and fractions of years of allowable service and then multiplied by the final average compensation. There is no service credit limit for judges covered by Tier 2. |
Please contact MSRS to request a estimate of your retirement benefits.
Early retirement reduction
If you retire prior to full retirement age (age 65, if tier 1 or age 66, if tier 2), your monthly benefit is reduced because you will be collecting the benefit for a longer period of time. The reduction is designed to generate the same value of retirement benefits you receive, regardless of your age at retirement. For more information on early retirement reductions, see the Judges Retirement Handbook or contact MSRS at 1-800-657-5757.