Does the amount of contributions and interest in a member’s annuity savings fund account affect overall retirement benefits?
No. Your future retirement allowance is not based on your annuity savings account balance. It is instead determined by a formula consisting of your age, service and three-year salary average at date of retirement. The money in your account is used to fund a portion of this allowance but the value of your account balance at retirement is not used in calculating your total retirement allowance.
Related Questions
- What if I continue to maintain my Annuity Savings Fund Account with the retirement system even though I have resigned from public service? Will interest still accrue on my account?
- Does the amount of contributions and interest in a member’s annuity savings fund account affect overall retirement benefits?
- Are individual account statements of the savings fund or corporation sent out?
