Oregon State University, determining your eligibility to retire and your benefit rate (as If no, this is the net tier I payable to the employee. Your highest average earnings will most likely come later in your IMRF career. greater than 130% of the average of the two preceding years. Corvallis, OR 97331-8578 Planning to retire in the next few years? Payments will end once the account has been fully distributed. you and SJCERA. When you are within twelve months of retirement, ask SJCERA to provide you an estimate by completing a Request for Estimate form. Please refer to the Tier I summary plan description for further Under Tier 1, your pension is increased by 3% of the original amount on January 1 every year after you retire. Retirement Benefit Calculator accounts for Social Security integration for. any unused vacation days upon your retirement/separation from state The Webinars are designed for Authorized Agents, finance officers and their staff, governing body members, and any other interested employer representatives. Members will be able to view estimated retirement income under all survivor options offered by the plan. Service credit is your total time under IMRF, stated in years and months. Refer to Table 2 to determine maximum reductions in the year 2000 and later. increase in the Consumer Price Index for Urban Wage Earners and Clerical Since that time, the 6% employee contribution (which OSU currently pays on your behalf) is deposited in this account. Protection District. contributions. 1/2 x 60% Percent of Entitlement (= 30%) x $4,800.00 = 1,440.00 Tier I Benefit Estimator: The following benefit Estimator provides estimates of the Plan B Reduction: (Tier I benefit Estimator) Cost of Living Adjustment . Currently you must be retired at least 9 full months in order to The actual pension awarded from the pension fund must be calculated under the provisions of the applicable law in effect at the time of benefit. PFRS Tier 2 or Tier 3 Members (enrolled after May 21, 2010) — Enter the average of your last 3 fiscal years (July-June) of salary. Service prior to January 1, 2014, and most purchased service is included in this category. To calculate the amount of your pension, IMRF uses a formula that includes: The formula to calculate a Tier I Regular Plan pension is: Your total pension at retirement cannot exceed 75% of your final rate of earnings. Rounded service to next full year. You are guaranteed the return of your contributions as either a pension or a refund. kicks in based on you attaining your full social security age. Phone: 541-737-3103 This calculator is designed to work with Google Chrome, Safari, FireFox and most other current web browsers. IMRF pensions are based upon your final rate of earnings and total service credit.

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