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What is the formula for OPERS retirement?

For OPERS members, this formula is their final average salary, times the number of years they worked, times 2.2 percent. This benefit will be paid until the member dies.

What is the formula for the normal retirement benefit?

Your retirement benefit is calculated using a formula with three factors: Service credit (Years) multiplied by your benefit factor (percentage per year) multiplied by your final monthly compensation equals your unmodified allowance.

How is Ohio SERS retirement calculated?

SERS calculates your pension on service credit, your highest three years of earnings, and your age. Working longer can mean more money for you due to the additional credit, and potentially, an increase in your earnings.

How does Ohio SERS work?

SERS is a defined benefit (DB) public employee retirement system and a qualified plan under Section 401(a) of the Internal Revenue Code. As a DB plan, SERS provides pensions, disability benefits, and survivor benefits in a specified amount based upon three factors: age, final average salary, and years of service.

How is final average salary calculated for Psers?

Enter your projected Final Average Salary (FAS). For Class T-C, Class T-D, Class T-E, and Class T-F members, the FAS is the average of the three highest paid school year salaries. For Class T-G and Class T-H members, the FAS is the average of the five highest paid school year salaries.

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