The Benefit Calculator is a tool designed to estimate your retirement payment based on information you provide. This calculator has adopted a formula combining three factors to compute a straight life retirement payment: Final Average compensation (FAC) x Credited Service x Benefit Multiplier.
Final Average Compensation (FAC)
FAC is the average salary or wage for 3 or 5 consecutive years depending on your benefit plan in which your compensation was highest.
Credited Service means the sum of the prior service and membership service credited to the member's service account. Service credit, as reported to the Actuary, is broken down into your actual years and months of service. (If your Benefit Multiplier is 2.50 do not enter more than 30 years of credited service so you do not exceed your maximum benefit of 75% of final average earnings.)
The Benefit Multiplier is the multiplier provided pursuant to the Retirement Ordinance or applicable collective bargaining agreement in effect at the time of separation of service.