Normal (full-formula) Retirement Benefits are Calculated as Follows:
Final Average Salary |
X |
Applicable Formula Factor |
X |
Years of Credit |
= |
Option 1-Single Life Monthly Benefit |
Examples: $3,000 X .025 X 30 = $2,250 OR $3,000 X .0255 X 31 = $2,372
The applicable formula factor is determined by your years of credit at retirement.
Years of Service Credit |
Applicable Formula Factor |
|---|---|
31.0 or more |
.0255 (available on or before 7/1/2013) |
Less than 31.0 |
.025 |
Retirement benefits are based on a formula consisting of three factors:
1. Final Average Monthly Salary is determined by adding your three highest consecutive annual salaries (including board paid health, dental and vision insurance), and dividing the total by 36.
2. Applicable Formula Factor is set by the Missouri Legislature and based on a member’s age and/or years of credit.
3. Years of Credit include credit earned for PSRS-covered service after June 30, 1946, and any credit you may have reinstated and/or purchased for other service, as permitted by law.
