PERS Service Retirement Benefit Estimate Calculator
Step 1. Read the Disclaimer
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 PERS 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.
Only provides a service retirement benefit estimate if the age at retirement and service credit data you entered meets the PERS 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 PERS Average Compensation using the higher of either:
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the last 48 months of wages before retirement, or
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the highest 4 fiscal years of wages, or
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the highest 4 calendar years of wages, or
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a combination of fiscal and calendar year wages that do not overlap.
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Does include the provisions for paying a minimum benefit under the Maximum Option equal to $10 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 PERS 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 PERS estimate is calculated. There will be a slight variance in the calculated estimate of benefits you receive from PERS 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 PERS 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.