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What is the formula to calculate the pensions?

April 26, 2017CALCULATE Formula pensions

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What is the formula to calculate the pensions?

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The calculation for a normal service retirement is equal to the years of service times the multiplier times the average final salary. The current multiplier is 2.8 percent per year of service. The final average salary is the highest three years out of the last 10. The maximum amount the retiree can receive is 70 percent of his or her final average salary. This is for the Tier 1 part of the system that covers the majority of the current employees and the retirees.