SLRP Service Retirement Benefit Estimate Calculator
What the Calculator Can Do:
This page allows you to enter data to calculate an unofficial projection of your retirement benefit. This is not an official PERS benefit estimate. You should use this calculator to better understand the PERS benefits as a portion of your retirement income. You may want to use your most recent Annual Member Statement to help you in entering data for the estimate. If you are within one year of retirement, please contact PERS for an official estimate.
The SLRP Plan Estimate Calculator:
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Uses the data you input and does not compare that data against your actual account. It is not connected to the actual PERS data base which stores the data pertinent to your actual account.
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Only provides a service retirement benefit estimate if the age at retirement and service credit data you entered meets the SLRP eligibility for service retirement benefits.
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The Base Optional Benefit Payment Plans for which estimates are calculated include the following: the Maximum Option, Single Life Annuity; Option 1, the prorated Single Life Annuity; Option 2, the 100% Joint and Survivor Option; Option 3, the 100% Joint and Survivor Option with 2 beneficiaries; Option 4A, the 50% Joint and Survivor Option; and Options 4B 10, 15, and 20 Years Certain payable for life to the retiree and guaranteed benefits to a beneficiary for a period of 10, 15 or 20 years from the retiree's date of retirement.
The
Partial Lump Sum Option can also be calculated.
This optional benefit payment plan is available
to PERS Service retirees age 63 or older with 4
or more years of membership service or any age
with 28 or more years of service. This option allows
one to apply for a partial lump sum distribution
equal to either 12, 24, or 36 months of benefits
under the unreduced Base Maximum Option. The lump
sum distribution can be paid directly to the retiree
or can be rolled over into an eligible retirement
plan or an IRA. The lump sum distribution is issued
at the same time as the first monthly benefit check.
Along with selecting the partial lump sum distribution
amount to be received, the retiree must also select
a Base Optional Benefit Payment Plan. When selecting
the Partial Lump Sum Option, the base monthly benefit
is reduced based on your age at the time of retirement.
The reduction is a result of the accelerated annuity
pay out with the lump sum distribution. This option
is not available if you wish to receive benefits
under Option 1 or if you are
applying for disability retirement or spouse survivor
benefits. This plan is available to applicants
retiring for the first time and cannot be selected
if you have received service retirement benefits
previously. This optional benefit payment plan
can be selected, by those eligible, under the provisions
of the Advanced Application for Optional Settlement.
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Requires you to calculate your SLRP Average Compensation using the higher of either:
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the last 48 months of legislative wages before retirement, or
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the highest 4 fiscal years of legislative wages, or
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the highest 4 calendar years of legislative wages, or
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a combination of fiscal and calendar year legislative wages that do not overlap.
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Does include the provisions for paying a minimum benefit under the Maximum Option equal to $5 per month for each year or proportionately for each quarter year of service credit.
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Estimates the benefit payable to the retiree for life and to the designated beneficiary upon the death of the retiree on an annual and monthly basis using the SLRP Service Retirement Benefit Calculation Formula.
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Does not include any COLA benefit to which you may be entitled after retirement.
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Calculates the Internal Revenue Code Section 401 (a) (9) limitation, for the applicable benefit payment options as follows:
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the beneficiary benefit under Option 2, the 100% Joint and Survivor Option where the designated beneficiary is not the spouse and where the beneficiary is more than 10 years younger than the retiree, and
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the beneficiary benefit under Option 3, the 100% Joint and Survivor Option for two beneficiaries where one of the designated beneficiaries is more than 10 years younger than the retiree, and
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Option 4B 10, 15, or 20 year certain options, where the retiree is over age 66 at retirement.
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The estimate calculator is intended as a tool for you to estimate your future benefits. The accuracy of the estimate will depend on how closely the data you enter matches your actual data at the time an official SLRP estimate is calculated. There will be a slight variance in the calculated estimate of benefits you receive from SLRP and that calculated on this Web Site due to the different computer applications utilized in the two calculator programs. There is no guarantee that you will receive the benefit amounts produced by this calculator.
The actual benefit you receive from SLRP must be calculated under the provisions of the applicable law in effect at the time of your retirement.
I have read this disclaimer and I am ready to do a calculation.