Your service retirement benefit depends on your final average salary (FAS) and your service credit years at retirement. You are eligible to retire:
“Actuarially reduced” means benefit payments are reduced based on factors provided by the Office of the State Actuary. These factors are based on statistics about life expectancy, and projections about the plan’s investment earnings. An actuarial reduction is necessary when benefits are going to be paid over a longer period of time or to more than one person.
If you meet the plan’s age and service requirements and apply for retirement, the effective date of your retirement is the first day of the calendar month immediately following your separation from LEOFF service. You are separated from service on the date you stop working with a LEOFF employer.
Your monthly service retirement benefit is calculated using the following formula:
Service credit months ÷ 12 x 2 percent x FAS
Final average salary (FAS) is the monthly average of your 60 consecutive highest-paid service credit months. Your FAS cannot include payments for any type of severance pay, such as lump sum payments for deferred sick leave, vacation or annual leave. There is no limit to the number of service credit years that may be included in your benefit calculation.
Suppose you retire at age 53 with 30 years and 2 months (362 months) of service. Your final average salary is $4,000. Your monthly benefit will be $2,413.32.
Here is how it is calculated:
The calculation above is based on the standard benefit. Your benefit
will be lower if you designate a survivor to receive benefits upon
your death. For more information see benefit options. You can use the
online estimator
to estimate your benefit.