Contribution Comparison Calculator

Use this tool to estimate scenarios based on the different reform options available. If you're not sure what to enter in a field, click the question mark (?) to the right of the blank and an explanation will pop up and help you decide what information to enter.

This calculator will help you estimate your pension based on normal Full Retirement eligibility requirements which did not change due to the reform. Click here to view the eligibility requirements. (Note that the calculator will not calculate Early Reduced estimates, or the 60+ years old with 5+ years of service provision for MIP members. To run an Early Reduced estimate, click here to use the Early Reduced Calculator with 1.25% Pension Factor.)

We are using the following assumptions in the calculator:

  • That you are working full time and will earn a full year of service credit each year until you retire. This cannot be modified.
  • That you will earn a very modest increase in wages between now and the time you retire (1%). You can increase or decrease this percentage under Advanced Options.
  • That the rate of return for your own future contributions will be 5%. This also can be changed under Advanced Options.

To print your estimates, use your browser's print function not the Printer Friendly version at the top of this page.
Keyboard shortcuts: CTRL + P on a Windows device. COMMAND + P on a Mac device.

Enter your information:
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Current Service Credit Total:
Your entry will round down to the nearest
whole number when using this calculator.
Salary Increase Percent:
This number must be between 0 and 4.

?
Interest Rate:
This number must be between 0 and 12.

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The results of what you've entered are shown in the table below. The narrative following the table shows the same results along with short explanations of the meaning behind the numbers and things you may want to consider as you make your decision. The calculator can be a powerful tool to help you make a decision, but actual amounts can vary based on a variety of factors. These are only to be used as estimates of your retirement income.

In addition to the estimated retirement income you'll receive based on each option, you should prepare other ways to increase your future retirement income, such as investing in a retirement savings account or a different savings vehicle available to you.

Estimated Results:
  Estimated Retirement Income Estimated Contributions
Option Total Annual Retirement Income
(DB + DC)
DB Income * DC Income ** Total contributions from transition date *** forward Total years to recover contribution cost
1. Increased contributions; 1.5% pension factor for all service.          
2. Increased contributions; 1.5% pension factor to 30 years of service. Current contributions; 1.25% pension factor after 30 years of service.          
3. Current contributions; 1.5% pension factor for all service until the transition date; 1.25% pension factor for future service starting on the transition date.          
4. No contributions; freeze pension calculation; move to DC plan for future service starting on the transition date.          
* This amount is the estimated annual pension income you'd receive using the straight life payment calculation. If you choose a survivor option, your annual DB income would be slightly less.
** This amount represents the estimated annual income you'd receive if you used the accumulated money in the account to purchase an annuity.
*** The transition date is the first day of the pay period that begins on or after February 1, 2013.
Option 1:

You'll receive per year during retirement.

You'll contribute a total of from your transition date until retirement.

After being retired for years, you'll recover the costs from your increased contributions through your additional pension income. At that time, you'll be approximately years old. You can find information on life expectancy and a simple life expectancy calculator on the Social Security website.

You'll pay higher contributions during the rest of your active public school employment, but your pension income will be higher during retirement.

Things to Consider:

-Higher pension income in retirement.

-Decrease in current take-home pay.

Option 2:

You'll receive   per year during retirement.

You'll contribute   from your transition date until you reach 30 years of service.

You'll contribute   after you reach 30 years of service.

After being retired for  years, you'll recover the costs from your increased contributions through your additional pension income. At that time, you'll be approximately years old. You can find information on life expectancy and a simple life expectancy calculator on the Social Security website.

You'll pay higher contributions from your transition date until you reach 30 years of service, but your pension income will be higher during retirement. You may wish to consider investing in a retirement savings account as a way of increasing your future retirement income.

Things to Consider:

-Higher pension income in retirement.

-Decrease in current take-home pay. Contributions will decrease to their current rate once you reach 30 years of service.

-Your pension factor will change from 1.5% to 1.25% once you reach 30 years of service.

 
Option 3:

You'll receive per year during retirement.

You'll contribute from your transition date until retirement.

Your contributions will remain the same as what they are now, however your pension income will be lower in retirement than if you decided to contribute more while working. You may wish to consider investing in a retirement savings account as a way of increasing your future retirement income.

Things to Consider:

-Lower pension income in retirement due to pension factor being reduced from 1.5% to 1.25% for all service after your transition date.

-No change in take-home pay due to retirement contributions.

Option 4:

You'll receive per year during retirement, which includes pension income and your employer's investment income.

You'll contribute from your transition date until retirement.

You will not pay any mandatory contributions starting on your transition date. Your pension will be calculated based only on pension plan data as of your transition date. Salary and years of service after your transition date will not be included in your pension calculation. You may wish to consider investing in a retirement savings account as a way of increasing your future retirement income.

Things to Consider:

-Lower pension income in retirement.

-401(k) investment account balance from 4 percent employer contribution; this is subject to vesting requirements.

-Increase in current take-home pay.

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