The chart below shows how the benefit factor increases for each quarter year of age from 50 to 55. If you would like to give us feedback or suggest future topics, send us an email. Carla is retiring at age 55 under the state miscellaneous 2% at 55 formula with 25 years of service credit. endstream endobj startxref The benefit can be rolled over to an individual retirement account (IRA) to avoid federal income tax withholding in the year the allowance is issued. Employees uncertain of their benefit formula can contact CalPERS at 888 CalPERS (or 888 -225-7377). The result, $1,528, is the amount the average CalPERS retiree accrued in annual pension benefits for each year they worked during their careers. Exception to Ten Year Vesting Requirement: Disabled employees would receive the full state health contribution if they separate and retire with a disability retirement within 120 days from a benefits eligible appointment. Your formula is based on your CalPERS membership date and your CSU hire date, as follows. 3. The chart below shows how the beneit factor increases for each quarter year of age from 50 to 63. calpers retirement calculator table 2% at 55 Winner of the 1998 Paul A. Samuelson Award given by TIAA-CREF, The Evolution of Retirement is the first comprehensive economic history of retirement in America. Employees uncertain of their benefit formula can contact CalPERS at 888 CalPERS (or 888-225-7377). PERSpective provides information for members of the retirement and health programs of the California Public Employees Retirement System. Minimum age for retirement 50. Reading the Retirement Formula Charts. Example Benefit Factor State or School 2% at 55. A 3% Early Retirement Factor reduction for each year before you turn age 65, The 2008 ERF, which provides a smaller benefit reduction but imposes stricter return-to-work rules. PERSpective provides information for members of the retirement and health programs of the California Public Employees Retirement System. If youre unsure of your earliest retirement age or benefit factor percentage, or have any other questions about your retirement formula, you can find information on the home page in your, account or check with your employer. You can find your benefit factor chart and more information on our, In October 2001 construction started on the East a, Celebrating the holidays by giving back through So, Last week CalPERS team members spread holiday chee, Our 2022 Winter Gathering festivities! Pensionable compensation shall not exceed the applicable percentage of the contribution and benefit base specified in Title 42 of the United States Code Section 430 . 1022 0 obj <>/Filter/FlateDecode/ID[<287361BA8B5C48D5A1A9F2E4525CFBE3><9DDB9653E4F8A944847B16786AAD31A3>]/Index[992 56]/Info 991 0 R/Length 128/Prev 70600/Root 993 0 R/Size 1048/Type/XRef/W[1 2 1]>>stream Employees involved in law enforcement, fire suppression, the protection of public safety, or a position designated by law as industrial, patrol, peace officer/firefighter, or safety should contact the campus benefits office for detailed information. Certain lump-sum benefits are eligible to be rolled over to an IRA to avoid the 20% federal tax withholding. As noted in a CPPC study published earlier this month How Much Do Californias State, City and County Workers Really Make?, in California, personnel costs are estimated to consume 40% of total city budgets, 41% of the state budget for direct operations, and 52% of county budgets. #CalPERSBoard, We serve those who serve California. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, 7 End-of-Year Financial Actions to Cross Off Your List, IRS Increases Contribution Limits for 2023, How to Report the Death of a CalPERS Member, In October 2001 construction started on the East a, Celebrating the holidays by giving back through So, Last week CalPERS team members spread holiday chee, Our 2022 Winter Gathering festivities! %PDF-1.7 % Recruiters' Round Table; Statewide Workforce Planning and Succession Management. The chart below shows how the benefit factor increases for each quarter year of age from 50 to 63. Once you set it up, an annuity doesnt allow you to change the income amount. CSU Employee CalPERS Retirement Formulas Retirement Plans Hired prior to 1/15/11 Hired on or after 1/15/11 Hired on or after 1/15/13 (as a new CalPERS member) State Misc. For Disability Retirement, there is no minimum age requirement. #CalPERSBoard, LIVE: CEO Marcie Frost, Interim COIO Michael Cohen, and Chief Actuary Scott Terando discuss the State of the System. If there is a conflict between the law and this article, any decisions will be based on the law and not this article. hbbd``b`|@H@ $ Y&Iqz"L5@BHH]OA u uM Hb>%d^? F:z ` B hb```e``N(aSC'XcB;:\2:@@HKHQGmBj62N9iw/Y0Xf! Some calpers employers also do an average of your highest 3 years instead of your highest year. It is determined by your age at retirement and Calculator the retirement formula that applies to your classification. What is 2 percent of 55? The change in vesting for certain new employees means that retirement eligibility is no longer tied to eligibility for health and dental coverage for these employees. 1022 0 obj <>/Filter/FlateDecode/ID[<04456D97A8E448F2809E12AD217633FF><69F969CA8E85EC488E2834955738F0A7>]/Index[992 56]/Info 991 0 R/Length 129/Prev 70692/Root 993 0 R/Size 1048/Type/XRef/W[1 2 1]>>stream The default income tax withheld is based on the rate of a single person with no adjustments. Once you know your retirement formula, go to our Benefit Factor Charts webpage to select the chart for your formula . To switch to paperless: Nothing contained herein or in this article is intended to constitute financial advice. Its determined by your age at retirement and the retirement formula based on your membership date with each employer. Visit the CalPERS Twitter page. Early or full retirement is also a much faster process than disability retirement. Social Security maximum taxable earnings is $113,700, effective January 1, 2013. Retirement Formulas and Benefit Factors School Members 2% at 55 Understanding Your Retirement Formula Your benefit factor, also known as age factor, is the percentage of pay to which you . This percentage is determined by the date you were first hired to perform CalSTRS creditable activities and your age on the last day of the month in which your retirement is effective. #CalPERSBoard, We serve those who serve California. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, In October 2001 construction started on the East a, Celebrating the holidays by giving back through So, Last week CalPERS team members spread holiday chee, Our 2022 Winter Gathering festivities! This calculator is for employees who became PEPRA members in VCERA on or after January 1, 2013. 2.5% at 55 Retirement Formula A common misconception is that your retirement benefit will increase indefinitely with age. Annuities are the only investment withdrawal option that guarantee you will not outlive your account balance. Weighted average of the health benefit plan premiums as used in this section shall consist of the four Basic health benefit plans that had the largest enrollment of active state employees, excluding family members, during the previous benefit year. available to you at 55 years old. Employees should refer to your CalPERS Annual Member Statement to verify your retirement formula(s) and you can view the applicable retirement benefit formula chart in one of the membership benefit publications below (depending on your formula). All retirement formulas have a maximum age factor ranging from ages 50 to 67. State Miscellaneous & Industrial Members 2% at 62 Understanding Your Retirement Formula Your benefit factor, also known as age factor, is the percentage of pay to which you . The employer contribution for each annuitant enrolled in a basic plan shall not exceed 80 percent of the weighted average of the Basic health benefit plan premiums for an employee or annuitant enrolled for self-alone, during the benefit year to which the formula is applied. You are responsible for reporting the benefit to the IRS with your personal income taxes. If the retiree chose a survivor benefit, we must update the account for payments to continue. Once you reach the maximum, your benefit factor wont increase. If you dont know what your vesting requirement is, be sure to check with your employer. Log in to your member or employer account. If you would like to give us feedback or suggest future topics, send us an email. Upon completion of the twenty-four month period, the employee shall make contributions to CalPERS. PDF: https://bit.ly/3QpPbGa. %PDF-1.7 % You can find your benefit factor chart and more information on our Benefit Factor Charts webpage. Employees working for the CSU prior to July 1, 2018, who become CalPERS members after July 1, 2018, are not subject to the new 10-year vesting period. If the disability retirement is approved, your retirement date would be the first of the month after your separation date. That multiplier increases every three months after your birthdate; at age 63 it reaches . **There are exceptions to CalPERS membership benefit formula eligibility for employees with previous public agency or reciprocal agency employment. The annuity will provide monthly payments for your lifetime. July 1, 2019: by 1.4 percent, for a total of 2.8 percent. If you're eligible for Social Security and you stop working before receiving benefits with less than 35 years of earnings, your benefit amount is affected. If youre not sure of your retirement formula, refer to your CalPERS Annual Member Statement or check with your personnel office. Calpers 2 Percents At 55 Chart. For Industrial Disability Retirement, there is no minimum age or service time requirement. You start at 25 years old and work until 55 years old. You can also enter your Social Security benefits information into this calculator for a number that integrates your projected pension amount with it. In order to qualify for health/dental in retirement, you must retire from a benefit eligible position within 120 days of separation from the CSU AND meet either the five year or ten year vesting requirement. endstream endobj 968 0 obj <>/Metadata 18 0 R/Names 998 0 R/OpenAction 969 0 R/Outlines 25 0 R/PageLayout/SinglePage/Pages 965 0 R/StructTreeRoot 32 0 R/Type/Catalog/ViewerPreferences<>>> endobj 969 0 obj <> endobj 970 0 obj <. The monthly payments you receive are based on the dollar amount you choose to purchase. Decreased if you retire before age 60. #CalPERSBoard, LIVE: CEO Marcie Frost, Interim COIO Michael Cohen, and Chief Actuary Scott Terando discuss the State of the System. However, flexibility is not a feature of annuities. The administrative factors used in this table are for illustrative purposes only. 30 times 2% equals 60%. The limit shall be adjusted annually based on changes to the Consumer Price Index for all Urban Consumers. Service Credit x Benefit Factor x Final Compensation = Unmodified Allowance. hb```e``Nea,1a10l0@,`tdQ\jC4)MO017E0kCJa5 @Xcd 00lH3fiN-@RQj&@ -! 2% times the years of service. State miscellaneous members are those who are employed by the state and the CSU (faculty and staff), who are not involved in law enforcement, fire suppression, the protection of public safety, or a position designated by law as industrial, patrol, peace officer/firefighter, or safety. #CalPERSBoard, We serve those who serve California. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California. A one-time lump-sum benefit may be taxed differently. The key to maximizing your retirement benefit is to understand how your age, service credit, and final compensation are used to determine your monthly pension benefit. To estimate her pension amount, Carla multiples her years of service credit by the benefit factor. Order Retirement Application Packet. With the exception of members in the 2% at 62 formula (minimum retirement age is fifty-two (52), employees are eligible to retire and receive a monthly pension benefit when they are at least age 50 and have a minimum of five years of CalPERS-credited service. The income you receive for either retirement uses the same calculations. Postponing taking Social Security until age 70 can make your monthly benefit 32% larger than it will be at your full retirement age. Youll require a significantly greater savings, and your investments will have less time to grow. For this purpose, Employee Contributions means those contributions that are deducted from employees salary and credited to individual employees accounts under CalPERS. Your employer can also tell you if you have a 12-month or 36-month final compensation period. Once DRS receives the completed application and all supporting documentation, it usually takes about four to six weeks to determine your eligibility for a disability retirement. We have resources for you. The chart below shows how the benefit factor increases for each quarter year of age from 50 to 55. The Retirement and Tax Law are complex and subject to change. PERSpective provides information for members of the retirement and health programs of the California Public Employees Retirement System. Using the 3% at 55 retirement formula , we review the chart on page 46 of his benefits breakdown to see that his chart maxes out at 90% of final compensation. hb```e``N:ea,1a10X$,r+}Y/uNafnakCJa^ @cd 00l:f[4\.TU@ !t If you are vested in your plan and qualify to retire, there is no financial benefit to taking disability vs retirement, even for early retirement. Copyright 2023 California Public Employees' Retirement System (CalPERS) | State of California, School Member 2% at 55 Benefit Factors (PDF), School Member 2% at 62 Benefit Factors (PDF), State Miscellaneous & Industrial Member 2% at 55 Benefit Factors (PDF), State Miscellaneous & Industrial Member 2% at 60 Benefit Factors (PDF), State Miscellaneous & Industrial Member 2% at 62 Benefit Factors (PDF), State Miscellaneous & Industrial Member 1.25% at 65 Benefit Factors (PDF), State Miscellaneous & Industrial Member 1.25% at 67 Benefit Factors (PDF), State Safety Member 2% at 50 Benefit Factors (PDF), State Safety Member 2% at 55 Benefit Factors (PDF), State Safety Member 2% at 57 Benefit Factors (PDF), State Safety Member 2.5% at 55 State Safety Benefit Factors (PDF), State Safety Member 2.5% at 55 Peace Officers & Firefighters Benefit Factors (PDF), State Safety Member 2.5% at 57 Benefit Factors (PDF), State Safety Member 2.5% at 60 Benefit Factors (PDF), State Safety Member 2.7% at 57 Benefit Factors (PDF), State Safety Member 3% at 50 Benefit Factors (PDF), State Safety Member 3% at 55 Benefit Factors (PDF), Local Miscellaneous Member 1.5% at 65 Benefit Factors (PDF), Local Miscellaneous Member 2% at 55 Benefit Factors (PDF), Local Miscellaneous Member 2% at 60 Benefit Factors (PDF), Local Miscellaneous Member 2% at 62 Benefit Factors (PDF), Local Miscellaneous Member 2.5% at 55 Benefit Factors (PDF), Local Miscellaneous Member 2.7% at 55 Benefit Factors (PDF), Local Miscellaneous Member 3% at 60 Benefit Factors (PDF), Local Safety Member 2% at 50 Benefit Factors (PDF), Local Safety Member 2% at 55 Benefit Factors (PDF), Local Safety Member 2% at 57 Benefit Factors (PDF), Local Safety Member 2.5% at 55 Benefit Factors (PDF), Local Safety Member 2.5% at 57 Benefit Factors (PDF), Local Safety Member 2.7% at 57 Benefit Factors (PDF), Local Safety Member 3% at 50 Benefit Factors (PDF), Local Safety Member 3% at 55 Benefit Factors (PDF). endstream endobj 2391 0 obj <>/Metadata 32 0 R/Names 2421 0 R/OpenAction 2392 0 R/Outlines 39 0 R/PageLayout/OneColumn/Pages 2388 0 R/StructTreeRoot 46 0 R/Type/Catalog/ViewerPreferences<>>> endobj 2392 0 obj <> endobj 2393 0 obj <. Welcome to myCalPERS. You may choose to receive your tax form by electronic distribution only, no longer receiving a paper tax form distributed by mail. Once you know your retirement formula, go to our Benefit Factor Charts webpage to select the chart for your formula (you can view, print, or save your PDF document). Once you reach your eligible retirement age, your benefit factor increases with each quarter year of age (or every three months based on your birthday) until you retire. LIVE: Chief Investment Officer Nicole Musicco and Managing Investment Director, Private Equity Anton Orlich discuss how private assets factor into our long-term investing approach. Use our online form forQuestions, Comments, & Complaintsabout CalPERS programs and services. New employees hired by the CSU for the first time into a non-represented position (M98, M80, C99 and E99), UAPD (Unit 1), CSUEU (Units 2, 5, 7, 9), APC (Unit 4), Teamsters 2010 (Unit 6) and IUOE (Unit 10) who first become CalPERS members on or after July 1, 2018. Her final compensation average is $4,500 a month. Access live: http://www.calpers.ca.gov/boardwebcast/. See live or recorded retirement planning webinars. It is determined by your age at retirement and Calculator the retirement formula that applies to your classification. Access live: http://www.calpers.ca.gov/boardwebcast/. July 1, 2018: by 0.7 percent, for a total of 1.4 percent. $6,000 x 30 x 2% = $3,600 a month. Employees should begin their retirement planning at least one year before their retirement date. The full application process averages 4-5 months from the time you request the estimate, but the timing can vary. Go paperless by December 31 to get your 1099-R by early January. The maximum percentage you can receive is 90%. In accordance with that Executive Order and with Internal Revenue Service guidance under Revenue Ruling 2006-43, this formalizes the implementation of section 414 with regard to Employee Contributions to CalPERS that are made by the Employer on behalf of its employees. Then she multiples that result by her final compensation amount: Dont Miss: Does Ga Tax Retirement Income. We serve those who serve California. CalPERS is a 401 (a) defined benefit plan. Are you still unsure of your earliest retirement age or CalPERS benefit factor? We have resources for you. Be greater than the amount provided by option 2w and is subjectto calpers approval. Postponing taking Social Security until age 70 (depending on the year you were born) can make your monthly benefit 32% larger than it will be at your full retirement age. How much do you need to retire? hbbd``b`Vr@AH`qY@,m M V c$ `c . The key to maximizing your retirement benefit is to understand how your age, service credit, and final compensation are used to determine your monthly pension benefit. PDF: https://bit.ly/3QpPbGa. Answer (1 of 2): The 2% at 62 formula is one of the post-PEPRA (Public Employees' Pension Reform Act) retirement formulas that applies to state employees in the miscellaneous category. Each PDF includes two charts. RetirementTalk.com is a one-stop resource for everything you need to know about retirement. z. Your benefit factor, the percentage of pay to which you are entitled to for each year of service, is also commonly known as age factor. s,A'$vtX -Hb $? Age 50 . The maximum percentage you can receive is 90%. PDF: https://bit.ly/3vPhZOZ. PDF: https://bit.ly/3QpPbGa. We have included two charts related to the local miscellaneous retirement formula 2.5% at 55. Unless you specify the income tax withholding election you want applied to your benefit, federal and/or California state income tax will be withheld from your benefit payment as the default filing status defined in the tax form instructions. Minimum age for retirement 50. Each PDF includes two charts. Once you retire, your benefit is payable to you for life. C. Employees Subject to Other Post Employment Benefit Prefunding. The chart on the next page shows the percentage of final compensation you will receive. If you have multiple retirement formulas from different employers, read Planning Your Service Retirement (PUB 1) (PDF) to see calculation examples with multiple formulas. ARP members shall continue to be eligible for payout options beginning the first day of the 47th month of employment and ending on the last day of the 49th month of employment following his or her initial ARP hire date. which restricts the amount of compensation that can be used to calculate the CalPERS retirement . Different people have different ideas about retirement. Ultimately, choosing your retirement age depends on your personal needs and circumstances. Early retirement will decrease your CalPERS retirement benefit. calpers .ca.gov California Public Employees' Retirement System Disability and Survivor Benefits Division January 9, 2020 PLEASE KEEP FOR FUTURE REFERENCE George Washington 1 Main Street Anywhere USA 94596 Dear Mr. Washington,. To be eligible for service retirement, most CalPERS members must be at least age 50 or 52 with a minimum of five years of CalPERS-credited service. Access live: http://www.calpers.ca.gov/boardwebcast/. A Message From CalPERS CEO: Whats in 3 Important Facts to Know About Service Credit, California Public Employees' Retirement System (CalPERS). you start at 25 years old and work until 55. %{A kbl{Hf0012Lf``3K E In accordance with section 414 of the Internal Revenue Code, the Employer may pick up the Employee Contributions under the following terms and conditions: Read Also: Jobs For Retired Mechanical Engineers, A. PEPRA Definition of Pensionable Compensation. When you retire, we multiply your years of service credit by your benefit factor, then multiply that by your final compensation, which gives your unmodified allowance. HR Operations (HRO) Customer Service Center, 3801 West Temple Avenue, Pomona, CA 91768, 2021 California State Polytechnic University, Pomona, We use cookies to make your website experience better. This section shall apply to all employees in Unit 10 first employed by the State on or after January 1, 2016. ***Historically, enrollment into retiree health and dental coverage for all CSU employees has been tied to an employees ability to retire from the CSU. Each calculation can be used individually for quick and simple calculations, or in chronological order as a more comprehensive walkthrough of retirement planning. The annuities DRS offers are administered by Washington state with investments provided by the Washington State Investment Board. 2.5% at 55 Retirement Formula Minimum retirement age is 50 years Contact CalPERS for more information should you have safety service with multiple employers under different formulas. LIVE: Chief Investment Officer Nicole Musicco and Managing Investment Director, Private Equity Anton Orlich discuss how private assets factor into our long-term investing approach. You can also do an estimate on the CalPERS Retirement Planning. For example, if your birthday is March 10, your birthday quarters are: So, retiring on or after your next birthday quarter could mean a greater benefit factor. The ERFs are subject to change based on State Actuary figures. Before deciding, make sure you have the financial resources you need to make the most of this new stage of life. PDF: https://bit.ly/3vPhZOZ. To learn about how we keep your information safe, view our, Notification of Potential Workplace Exposure, CalPERS Pension Benefits Based on Three Factors, State Miscellaneous & Industrial Member Benefits, CSU Total Compensation Calculator - Beyond Salary Tool. When you retire early, your monthly benefit amount is reduced to reflect that you will be receiving your pension payments for a longer period of time. *Public Safety employees should contact the benefits office for detailed information. If youre still working, you can continue to accrue service credit and increase your final compensation, which will in turn increase your pension benefit. You can generate a variety of scenarios and save them in myCalPERS for future reference. Are you still unsure of your earliest retirement age or CalPERS benefit factor? For example, based on a State Miscellaneous & Industrial member's 2% at 55 formula, you are eligible to retire at age 50 with a multiplier of 1.1%. However, they should not submit their application to CalPERS sooner than 90 days prior to their retirement date. Prior state employment (non-CSU) is not considered CSU employment. LIVE: Chief Investment Officer Nicole Musicco and Managing Investment Director, Private Equity Anton Orlich discuss how private assets factor into our long-term investing approach. Completed applications should be mailed to the CalPERS address at the bottom of page 8 of the application. PDF: https://bit.ly/3QpPbGa. 2021 RetirementTalk.net | Updated: June 29, 2015 . The chart below shows how the benefit factor increases for each quarter year of age from 50 to 55. The minimum service retirement age for most members is 50 or 52 with five years of service credit. Access live: http://www.calpers.ca.gov/boardwebcast/. For example, if you wait to. A Message From CalPERS CEO: Whats in 3 Important Facts to Know About Service Credit, California Public Employees' Retirement System (CalPERS), 50% $4,500 final compensation = $2,250 unmodified allowance (monthly pension amount). DRS would issue your monthly benefit payments on the last business day of the following month and every month after. The chart on the next page shows the percentage of final compensation you will receive. For members under CalSTRS 2% at 60, your age factor is: Set at 2% at age 60. The State and Bargaining Unit 10 hereby agree to share in the responsibility toward the prefunding of post- retirement health benefits for members of Bargaining Unit 10 and agree that the foregoing concepts will be implemented as a means to begin to offset the future financial liability for health benefits for retired members. Carla is retiring at age 55 under the state miscellaneous 2% at 55 formula with 25 years of service credit. Use our online form forQuestions, Comments, & Complaintsabout CalPERS programs and services. B. Alternate Retirement Program New Employees. Calpers Quick Tip Retirement Estimate Calculator You Retirement Guide When Calpers Owns Your City Really Right Cta Employees Have A Pension Plan Twice As Good The Teachers They Represent California Globe Retirement Formulas And Benefit Factors 2 Percent At 55 A Better Understanding Of Belvedere S Pension Costs And Obligations If youre unsure of your earliest retirement age or benefit factor percentage, or have any other questions about your retirement formula, you can find information on the home page in yourmyCalPERSaccount or check with your employer. LIVE: Chief Investment Officer Nicole Musicco and Managing Investment Director, Private Equity Anton Orlich discuss how private assets factor into our long-term investing approach. These calculations are made by dividing the average annual pension for a CalPERS participant in 2012, $30,456, by the average years of service, 19.93. Providing all requested documentation along with a complete application can help reduce the wait time. We have included two charts related to the local safety retirement formula 2.5% at 55. Service credit accumulates on a fiscal year basis (July 1 through June 30), and is one of the factors CalPERS uses to calculate your future retirement benefits. #CalPERS, Planning Your Financial Future series on YouTube. New employees hired by the CSU for the first time into CFA (Unit 3) who first become CalPERS members on or after July 1, 2017. Retirement Process. %%EOF Employees can retire as early as age 50 with five years of service credit unless all service was earned on or after January 1, 2013. Access live: http://www.calpers.ca.gov/boardwebcast/. The statements in this article are general. How do I calculate my retirement benefit? Once you reach your eligible CalPERS retirement age, your benefit factor increases with each quarter year of age until you retire. Switch to paperless tax forms. To calculate retirement benefits you need a CalPERS Member Benefit Booklet. 0 Annuities can provide guaranteed income for your life. 992 0 obj <> endobj Read Also: Otterbein Retirement Community St Marys Ohio. You get 60% of your highest year base salary as your pension. Our Retirement Calculator can help a person plan the financial aspects of retirement. 2. With annuities, you take money out of market risk and use it to give yourself a monthly lifetime income. It provides benefits based on members' years of service, age, and highest consecutive 12 months or consecutive 36 months compensation. hbbd``b` @AH,9`= Visit the CalPERS Facebook page. To estimate her pension amount, Carla multiples her years of service credit by the benefit factor. When you contact us, please be ready to provide the deceased retirees full name, Social Security number and date of death. %PDF-1.7 % For example, if your birthday is March 10, your birthday quarters are: This means that your benefit factor increases for each quarter year of age that you delay your retirement after your earliest allowable retirement date, up to the maximum age determined by your retirement formula. Calculate the percentage of a number. Employees first hired on or after July 1, 2013 shall not be subject to the Alternate Retirement Program . Your benefit factor is the percentage of pay to which you are entitled for each year of service. For each employee or annuitant with enrolled family members, the employer contribution shall not exceed 80 percent of the weighted average of the additional premiums required for enrollment of those family members, during the benefit year to which the formula is applied. We have included two charts related to the local miscellaneous retirement formula 2% at 55. E. The parties agree to support any legislation necessary to facilitate and implement this provision.