What is the pension formula?
A member must have eight years of service to qualify for a retirement benefit. In each example below IRS limits may apply (Note: Very highly compensated employees may be subject to IRS limits. (IRS Code Section 401(a)(17) restricts the amount of annual compensation that can be used to calculate a pension. Section 415(b) sets the maximum amount of pension that can be paid. If you are a very highly compensated employee, please contact ORS for further information.) Retirement Calculation 1 Plan 2, 3, 4 and 5 members (State Court Administrator, Supreme Court justices, Court of Appeals, Circuit, Recorder’s, District Court Judges, and Probate Judges who took the bench after 11/11/83): If less than 12 years of service, 3% of your annualized final compensation multiplied by the number of years and fraction of a year (whole months) of credited service. If you have 12 or more years of credited service, 50% of your annualized final compensation plus 2.5% of your annualized final compensation mult
