Lawrence Retirement Board

We are pleased to provide you with a link to the Superannuation Retirement Pension Calculator developed by the State Board of Retirement. This calculator provides estimates of potential retirement benefits for superannuation retirement only, and to individuals within Groups 1, 2 and 4. It does not provide estimates for disability retirement, termination allowances (§ 10(2)), and specialized calculations including those for members of the State Police Department, judges, and corrections officers seeking a “20/50” retirement. An individual who is interested in one of these benefits should contact the retirement board.

RETIREMENT PENSION CALCULATOR

 

What you will receive for a retirement allowance will depend on certain factors.

1. Current Age
2. Three year average Salary
3. Creditable service with the system.

Use the following steps to guide you through a very simple calculation process. This calculation will give you your approximate option A amount. Option B will be roughly 2-5 % less and if you would like an Option C estimate, please call the office. See option descriptions under "retiring from the city".

Age: Using your age as of your last birthday, look at the age factor chart and use the corresponding percentage to determine your benefit rate. For instance, if you are currently 55 your benefit rate is .015. ( You may also project by increasing age and years of service simultaneously. )

Benefit Rate Percentage Chart* Group 1 Employees

Age	Factor %	Age	Factor %	Age	Factor %
45	.005	52	.012	59	.019
46	.006	53	.013	60	.020
47	.007	54	.014	61	.021
48	.008	55	.015	62	.022
49	.009	56	.016	63	.023
50	.010	57	.017	64	.024
51	.011	58	.018	65+	.025

Benefit Rate Percentage Chart* Group 2 Employees (Electricians)

Age	Factor %	Age	Factor %	Age	Factor %
40	.005	47	.012	54	.019
41	.006	48	.013	55	.020
42	.007	49	.014	56	.021
43	.008	50	.015	57	.022
44	.009	51	.016	58	.023
45	.010	52	.017	59	.024
46	.011	53	.018	60	.025

* Benefit Rate Percentage Chart* Group 4 Employees (Public Safety)

Age	Factor %	Age	Factor %	Age	Factor %
35	.005	42	.012	49	.019
36	.006	43	.013	50	.020
37	.007	44	.014	51	.021
38	.008	45	.015	52	.022
39	.009	46	.016	53	.023
40	.010	47	.017	54	.024
41	.011	48	.018	55	.025

 

Creditable service: You are only considered eligible for retirement if you have twenty years of credible service or you are age 55 with at least 10 years of creditable service. Creditable service is earned by contributing employees working at least 20 hours or more per week.

3-Year average salary: To figure out your average annual rate of compensation, add your three highest consecutive years compensation and divide by three. Salary is only based on “regular” earnings consisting of Base Pay, Longevity, Holidays etc. Overtime, or Detail pay is not to be included in your 3 year average.

Calculate Your Pension

Enter your age factor from benefit Rate Percentage Chart	1.________________
Enter your years of service	2.________________
Multiply line 1 and line 2 and enter percent (%)	3.________________
Enter your highest 3-year salary average	4.________________
Enter the percentage from line 3	5.________________
Multiply line 4 by the line 5 and enter amount	6.________________
	Option A Pension
* This worksheet is designed solely for estimates. Actual pension amounts will be calculated at time of retirement

 

 

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