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Pera Retirement Chart  Form

Pera Retirement Chart Form

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Instructions and help about pera7

for vested members who are eligible for a lifetime monthly benefit the benefit is not based on the amount you have contributed but is calculated with a formula based on three factors the first factor is your service credit you earn one service credit for each month you have salary and contributions the maximum number of credits you can earn in one year is 12. the second factor is your age at retirement full retirement age is 66 for general plan members and 55 for police and fire and correctional plan members retiring at this age means you will be eligible for your full benefit unreduced for age however if you choose to retire early there will be a reduction factor applied to the calculation please see your plan's handbook for more information on early retirement the third factor is your highest average salary we take the 60 consecutive months of recorded salary and contributions where you were paid the most and average it this could be at the end of your career or it could be in the pa

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