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Pensions, Old-school

Straight from the SDCERS (San Diego City Employees Retirement System) published pension calculator, a breakdown of a simple pension* for a police officer in the city of San Diego hired before 2009, retiring at age 55 after 25 years of service.



Published:

Estimated Monthly Retirement Allowance
Using Retirement Factor 1:

  1. Enter Compensation $6,077/mo x 12mo = 72,924
  2. Multiply Line 1 by 10%: $7,292.4
  3. Add Line 1 to Line 2 for Adjusted Compensation: $80,216.4
  4. Number of monthly payments per year: 12
  5. Divide Line 3 by Line 4 to determine your Average Monthly Salary: $6,684.7
  6. Using Estimation Table 1** enter your retirement factor
  7. percentage found where your age at retirement and your years of service credit intersect: 74.9975%
  8. Multiply Line 5 by Line 6 to determine your Monthly Retirement Allowance using Retirement Factor: $5,013.36

Total annual payout upon retirement:
$60,160/year for life

Retirement, new-school

A new plan proposes that new hires in the City of San Diego move to a 401k state retirement plan, which requires greater contributions from employees and is subject to market conditions over the life of the investment.

2012

Have your say when the proposal goes to a public vote next June.

*Does not include DROP payments or additional bonus
compensation or other retirement options
**See sdcers.org for full table
Learn more at sandiego.gov/pensionreform
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