a. Add your highest 36 months of salaries over the past 60 months.
b. Use budgeted salaries and acting time only. Do not include overtime.
c. Divide by 36 to calculate your average monthly salary.
d. Multiply by 50%.
a. Let’s say the sum of your highest 36 month salaries is $127,000.
b. Divide this sum by 36 to make $3,527.78.
c. Multiply this by .5 to make $1,763.89.
*The final answer is your monthly pension benefit.
Social Security Offset – For non-union employees, if you were hired after June 30, 2004, your pension benefit will be reduced after you attain full Social Security benefits age by an amount equal to 50% of your Social Security benefit that was associated with your city employment (not to exceed ½ of your pension benefit). For Union employees, the application of the Social Security Offset is generally outlined in your Union’s collective bargaining agreement.