Lawrence Retirement Board

Calculate Your Retirement

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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