Hired Prior to 1975
1. Add your highest 36 months' salaries over the past 60 months.
* Use budgeted salaries and acting time only. Do not include overtime.
- a. Divide by 36 to calculate your average monthly salary.
- b. Subtract $650.00.
- c. Multiply by 30%.
- d. Add answer to $357.50.
- e. Add increments if applicable.
* Increments are earned for each year of service over 20 years.
* Increments are 1% of the average monthly salary and cannot exceed $100.00.
The final answer is your monthly pension benefit. The Social Security offset at age 65 does not apply to members of this pension group.
a. Let's say the sum of your highest 36 month salaries is $127,000.
b. Divide this sum by 36 months to make $3,527.78.
c. Subtract $650.00.
d. Then multiply this number by .3 to make $1,058.33.
e. Add 357.50 to this total to make $1,415.83.
* This is your total monthly pension without increments.
2. If you worked more than twenty years with the City, you are eligible for increments.
a. Let's say your average monthly salary for your highest-paid 36 months is $3,500.
b. If your service with the City is 22 years, making you eligible for increments, multiply $3,500 by .02 (1% of average monthly) to make $70 in incremements.
(Sum of highest 36 monthly salaries in last 60 months) / 36 - 650 x . 3 + 357. 50 = pension without increments.
For any questions about calculating your pension call the Pension Office at 412-255-2655.