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Use this calculator to estimate your net annual and monthly pension benefit as an employee of Singing River Hospital System. Enter your years of service, average wage and desired age of retirement. We will then calculate your net annual and monthly retirement pension benefits. For more information on the terms and calculations used by this calculator, please see the definitions section at the bottom of this page.
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Definitions
- Years of service
- Total number years of service in the Singing River Hospital System Employees’ Retirement Plan and Trust.
- Average wage
- Average wage is calculated using the gross earnings from the highest 19 consecutive quarters and the last quarter of service, within the last 40 quarters of employment. If you have questions about your average wage, you may wish to contact your plan administrator
- Age of retirement
- The age you wish to retire. You are eligible to retire with 30 years of service, or after age 60 with at least 10 years of service. If you retire before age 65 with less than 30 years of service, your benefit will be subject to a reduction. Please see "Gross Benefit Reduction" for more information.
| First 20 years of service: | 1.625% X number of years X average wage | | Years of service over 20 to 30: | 1.75% X number of years X average wage | | Years of service over 30: | 2.0% X number of years X average wage. |
- Gross benefit reduction
- Your gross annual benefit is subject to a reduction of 3% for each year you are under age 65 if you retire with less than 30 years of service. (For example, a retiree with only 25 years of service and age 63 would reduce their gross benefit by 6%).
- Net annual benefit
- Your net annual benefit is the your gross annual benefit minus any gross benefit reduction.
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© 1998-2012 KJE Computer Solutions, LLC
Financial Calculators at http://www.dinkytown.net
(612) 331-2291
1730 New Brighton Blvd. PMB #111
Minneapolis, MN 55413
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