Home
Back
Connecticut MERS Retirement Formula:
| From: | To: |
The Connecticut Municipal Employees Retirement System (MERS) retirement calculator estimates pension benefits for municipal employees based on years of service and final average salary. The formula uses a 2% multiplier per year of service.
The calculator uses the Connecticut MERS pension formula:
Where:
Explanation: The formula calculates annual pension by multiplying 2% times years of service times final average salary. This represents the standard pension accrual rate for many public retirement systems.
Details: Accurate retirement planning helps municipal employees understand their future income, make informed career decisions, and prepare financially for retirement. Understanding pension benefits is crucial for long-term financial security.
Tips: Enter years of service (typically 1-35 years) and final average salary (based on your highest consecutive earning years). Ensure values are realistic and reflect your actual employment history.
Q1: What is Final Average Salary (FAS)?
A: FAS is typically the average of your highest consecutive years of salary, usually the last 3-5 years of employment before retirement.
Q2: Is there a maximum years of service limit?
A: Most pension systems have maximum service limits, typically around 35-40 years. Check with your specific MERS plan for exact limits.
Q3: Are there early retirement reductions?
A: Yes, retiring before normal retirement age may result in reduced benefits. The calculator assumes normal retirement age.
Q4: Does this include cost-of-living adjustments?
A: This calculation shows base pension amount. COLA adjustments are typically applied separately after retirement begins.
Q5: How accurate is this calculator?
A: This provides an estimate based on standard MERS formula. Actual benefits may vary based on specific plan provisions, early retirement factors, and other variables.