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EARLY RETIREMENT INCENTIVE (ERI)
SCHOOL BOARD — CHAPTER 129, P.L. 2003

PERS/TPAF RETIREMENT ESTIMATE CALCULATOR

Public Employees' Retirement System (PERS) — Teachers' Pension and Annuity Fund (TPAF)

Important Notice: This retirement estimate calculator is for Board of Education, Educational Services Commission, and Jointure Commission members of the Public Employees' Retirement System (PERS) or the Teachers' Pension and Annuity Fund (TPAF) who are eligible for the Early Retirement Incentive (ERI) under Chapter 129, P.L. 2003. The calculation is based solely on the salary and service information you provide and does not access any account information maintained by the Division of Pensions and Benefits.

DO NOT ADD ANY ADDITIONAL YEARS OF SERVICE CREDIT.
Enter only the service credit that you would normally have credited to your pension account
as of your date of retirement.

Education employers may adopt an ERI effective date of either July 1, 2003 or July 1, 2004. Your retirement date cannot be later than August 1 or September 1 after the effective date of the ERI resolution adopted by your employer.

If you qualify under Category 1 of the ERI, this calculator will automatically add the additional service credit or veterans benefit.

If you qualify under Categories 2 of the ERI, you will receive paid health benefits from the State Health Benefits Program.

If you qualify under Categories 3 of the ERI, you will receive a separate incentive payment of $500 per month for 24 months.

If you would like to see an estimate that includes available survivor options,
include your beneficiary's date of birth.

CHOOSE ERI CATEGORY (select one)
View ERI Eligibility Requirements

ENTER MEMBER INFORMATION

Please Read: This calculator estimates the Maximum Option for the various retirement types available to members of the PERS and TPAF under the Local Early Retirement Incentive Program. If you indicate the birthdate of a beneficiary, we will also estimate various survivor options for that beneficiary. The calculation is based solely on the information you provide and does not access any of the salary or service information maintained by the Division of Pensions and Benefits.
   DO NOT APPLY FOR RETIREMENT BENEFITS BASED ON THIS ESTIMATE. If you are eligible for the Early Retirement Incentive, you should contact the Division of Pensions and Benefits to obtain an "official" estimate of retirement benefits.

Please complete all fields.

First Name:

Last Name:

Date of Birth:
/ /

 Mo. / DD / YYYY

Retirement Date:
/ 1
* /
 Mo. / 1 / YYYY
*All retirements begin the 1st of the month.

Service at Retirement:
yrs. mos.
Enter only the service you would normally have at retirement. This calculator will add any additional service eligible under the Early Retirement Incentive.

Salary at Retirement:
$
.00
(no commas) Use the average salary in the last 3 years before retirement or, for Veteran Retirement after 20 years, the highest 12 months of salary.
DO NOT include overtime, bonuses, etc.

Choose Method of Calculation:

Calculate Maximum Amount Only

Proceed to "Calculate" button.

Calculate Payment Options for a Beneficiary
 If selected, enter beneficary's date of birth below.

Beneficiary's Date of Birth:
/ /

 Mo. / DD / YYYY

     

Category 1 — 3 additional years of Service Credit.
Category 2 — Paid health benefits coverage.
Category 3 — $500 per month for 24 months.

CHOOSE RETIREMENT TYPE (select one)

Service Retirement — Service Retirement is available to any active PERS or TPAF member age 60 or older. No minimum years of service are required. The annual retirement allowance is based on the following formula:
Years of
Service
X Final*
Average
= Annual
Retirement
55 Salary Allowance

*Final Average Salary means the average salary for the three years immediately preceding your retirement. If your last three years are not your highest years of salary, use your three highest fiscal years (July - June) of salary.

Early Retirement — Available to PERS or TPAF members who establish 25 years of service before attaining age 60. The annual retirement allowance is based on the Service Retirement formula shown above.
If you qualify for the Early Retirement Incentive there is no reduction in your benefit if you are under age 55.

Veteran Retirement — There are three types of Veteran Retirement for PERS and TPAF members who served in the military during wartime.
(select one)
1. Veterans aged 60 or older, with at least 20 years of service, may retire with an annual retirement allowance under the Early Retirement Incentive equal to 54.5 percent of their last 12 months' base salary or highest 12 consecutive months of base salary.
2. Veterans age 55 or older, may retire with 25 years of membership credit at an annual retirement allowance under the Early Retirement Incentive equal to 59.9 percent of their last 12 months' base salary or highest 12 consecutive months of base salary.
3. Veterans aged 55 or older, with 35 or more years of membership credit are entitled to an annual allowance based on the following formula:
Years of
Service
X
Last
Year's
=
Annual
Retirement
55
Salary
Allowance
Veteran members may retire on a Service Retirement if that provides a better benefit.

Deferred Retirement — Deferred Retirement is not an eligible benefit under the Early Retirement Incentive.

Disability Retirement — Disability Retirement is not an eligible benefit under the Early Retirement Incentive.

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Copyright State of New Jersey, 1996-2003
Division of Pensions and Benefits
PO Box 295
Trenton, NJ 08625-0295

All Technical issues regarding this Web site should be sent to the Division of Pensions and Benefits Webmaster.

Last Updated: July 30, 2003