Estimating Your Retirement Benefit

An estimate of retirement benefits gives you a general idea of how much you will receive in retirement. We cannot provide your actual monthly  benefit amount until after you apply for retirement. Generally, the older you are and closer you are to retirement, the more accurate an estimate of benefits will be because it is based on fewer uncertanties.


Why an estimate differs from the final benefit amount
There are many reasons why the final benefit amount may differ from the estimated amount you were quoted before retirement, including:

  • Your earnings may increase or decrease in the future.

  • Laws governing retirement benefits may change and could affect your benefit amount. Estimates are based on current state law.

  • Your employment status could change (for example, going from full-time to part-time employment or taking a leave of absence).  Estimates are based on your current work pattern. 

 

Annual statements may include retirement benefit estimates

MSRS will send you an annual statement near your birthday. If you are vested -- meaning you have enough service to qualify for a retirement benefit -- the statement includes estimates of your future retirement benefit at pre-determined dates (typically age 55, 62, 66, etc).

The estimates may not include time covered under another Minnesota retirement plan (TRA or PERA).

Your estimated retirement benefit is based on our records and information received from your employer. It is important that you review your statements carefully and notify us of any errors.

 

Requesting an estimate of retirement benefits

You can obtain an estimate of your monthly benefit amount at anytime based on the retirement date of your choice.  There are two ways to request an estimate:

Log into your MSRS penison
plan account online

Call MSRS at 651-296-2761
      or 1-800-657-5757                           

Online estimates:                         

  • allow you the freedom to try several different scenerios (e.g., different  retirement dates or benefit options),
  • are quick (get results immediately). 
  • give you a general idea of your benefit amount.
  • are "unaudited," meaning they are not  reviewed by MSRS staff for accuracy.
  • may not include time covered under another retirement plan (TRA or PERA).

As you near retirement, we recommend  that you contact MSRS to request an estimate and the paperwork you need to apply for retirement.

Estimates run by a staff member:

  • may be"audited," meaning they are reviewed by MSRS staff for accuracy.
  • may take several weeks to run due to the time it takes to audit.
  • may give you a better idea of your benefit amount (although the actual amount will not be known until after you retire).