How is the retirement benefit calculated? Would the unused sick leave or vacation payout be eligible for retirement benefit calculations?
For retirement with twenty years of credited service but less than twenty-five years of credited service, take 50% of average monthly salary plus 2% of average monthly salary for each year between twenty and twenty-five years of service. The average monthly salary is calculated by taking 1/36 of aggregate salary paid a member during the highest three consecutive years out of the last ten years of service. This would not include any lump sum payments for unused sick leave or vacation time. For retirement with twenty five or more years of credited service, 50% of average monthly salary for the first twenty years of credited service, plus 2 % of average monthly salary for each year of credited service above twenty years, up to a maximum of 80% of average monthly salary. CORP has a retirement estimator on the PSPRS website ( www.psprs.com) that can be used to make estimated future retirement benefit projections. 17. If I transfer over from ASRS to CORP and I had 20 or more years of credite
Related Questions
- If I am eligible to receive the sick leave incentive payout into a VEBA account, will I receive this payment in addition to the retirement incentive amount of $23,270?
- How is the retirement benefit calculated? Would the unused sick leave or vacation payout be eligible for retirement benefit calculations?
- If I convert unused annual and sick leave into retirement service credit, do I receive a separate check?
