Estimated Monthly Retirement Allowance
Using Retirement Factor 1:
- Enter Compensation $6,077/mo x 12mo = 72,924
- Multiply Line 1 by 10%: $7,292.4
- Add Line 1 to Line 2 for Adjusted Compensation: $80,216.4
- Number of monthly payments per year: 12
- Divide Line 3 by Line 4 to determine your Average Monthly Salary: $6,684.7
- Using Estimation Table 1** enter your retirement factor
- percentage found where your age at retirement and your years of service credit intersect: 74.9975%
- 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
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.
Have your say when the proposal goes to a public vote next June.