Calculating Your Retirement Benefit

Overview

The amount of your monthly retirement benefit received will depend on the following factors:

  1. Your retirement Plan and Tier.
  2. Your total years of retirement service credit.
  3. Your final average compensation based upon the highest average monthly salary for a period of:
    • 26 consecutive pay periods (Tier 1 Safety or Tier I General member); or
    • 78 consecutive pay periods for all other members.
  4. Your age at retirement.
  5. The retirement option you elected.

Your member account balance has no effect on your service retirement calculations. You can use the tables in the appendices in the back of the handbook to calculate your estimated Unmodified Option retirement benefit, or you may estimate your retirement benefit by visiting the VCERA website or member self-service (MSS) portal and use the pension calculator. If you are retiring in five years or less, you may request a retirement benefit estimate by completing and submitting a Benefit Estimate Request form, available on the VCERA website or on request. We recommend you request a formal retirement benefit estimate prepared by VCERA before making retirement decisions.