Estimate a Future Benefit

The Benefit Estimator consists of three screens that allow you to estimate the benefit you will be eligible to receive upon retirement, disability, or death based on a variety of possible scenarios. The Benefit Estimator is flexible and allows for a variety of projections. The estimate is based on the information entered on the benefit estimate screens.

Benefit estimates can be calculated based on projected dates of separation, retirement, disability, and/or death. In addition, service credit totals and final average salary calculations can be projected by overriding the system calculated values with user-entered totals. Benefit estimates can be previewed and printed.

To access the Benefit Estimator, select the Estimate a Benefit option from the menu in the left pane of the window. The Benefit Estimator screen opens.

The first Benefit Estimate screen displayed allows you to select your estimate type, projected date of separation, and the projected payments' beginning date.

• Estimate Type - Choose the benefit that you would like to estimate, such as death, disability, or retirement.
• Projected Dates - This drop-down menu allows you to choose from a list of eligible benefit types and their earliest valid start date.
• Date Payouts Begin - Enter the date when you want your benefits to start.

Click the Continue button to advance to the next screen.

The second Benefit Estimate screen displays two sections:

• The Projected Dates section displays the information entered on the first screen.
• The Eligible Benefit Options section displays your Projected Eligibility Service. Select a benefit type from the Benefit Type drop-down box. Your Benefit Type is the category of the benefit. The options in this field reflect the benefit types you are eligible for.

Click the Continue button to advance to the next screen.

The third Benefit Estimate screen displays three sections:

The Projected Dates section displays the information entered on the first screen.

The Eligible Benefit Options section displays your Eligibility Service and the benefit type that you selected on previous screen.

The Calculation Options section has the following:

• Allows you to override your Projected Benefit Service by typing an alternate number into the box provided. You are also able to override the Projected Final Average Salary by typing an alternate number into the box provided.
• The Payment Options field contains a drop-down menu that allows you to select the method of payment you would like to receive. Your choice of payment options impact the amount of your benefit payments and the length of time that you will receive payments.
• The Beneficiary Name is the name of your nominated beneficiary. The nominated beneficiary information is used to provide an accurate estimate of survivor benefits. In the absence of nominated beneficiary information, the system has only the member's birth date to calculate benefit amounts, which may result in a survivor estimate that is different than the actual survivor benefit.
• The Beneficiary Relationship describes your association to the nominated beneficiary.
• The Beneficiary Date of Birth is the birth date of your nominated beneficiary.

Click the View button to see the estimate report. This report is the result of the Estimate Information that you provided on the previous screens. The report is in divided into five sections:

• Estimate Information
• Service Information
• Benefit Information
• Your Payment Options
• Amounts and Optional Retirement Beneficiary Information

See below for a detailed explanation of each section.

Member Information – This section contains the following information:

• Separation Date - This is the date that you severed from the fund due to the reason specified.
• Benefit Type - Specifies the reason you are separated from the fund -for example: "retirement" or "disability".
• Projected Payments Beginning Date - This is the date when your benefits will begin to be paid.
• Age at Retirement - This is your age at retirement.
• Other miscellaneous information related to the specific benefit estimate being generated.

Eligibility Service Information - This section of the report contains information concerning eligibility service credit available in the following categories: Regular, Sick Leave, Miscellaneous and Plan Total. It also shows your age at retirement and employment service plan total as well as their total together.

Benefit Service Information - This section of the report contains information concerning benefit plan name and service credit available in the following categories: Regular, Sick Leave, Miscellaneous and Plan Total.

Optional Retirement Surviving Spouse Information - This section of the report contains the following information:

• Spouse Name - This is the name of your spouse.
• Date of Birth - This is the birth date of your spouse.
• Relationship - This is defaults to ‘Spouse’ because no other relationship is eligible for survivor benefits.

Benefit Information - This section of the report contains the following information:

• Payment Option - This is the method of payment that you elected for your benefit.
• Factor - An actuarially determined factor that adjusts the amount of your benefit due to retirement prior to meeting the normal retirement age and/or service requirements.
• Benefit Amount - The estimated amount of your monthly benefit payment.
• Adjustment Total - Various adjustments to the benefit may appear here.
• Total Benefit - The total benefit including any adjustments.
• Adjustments Added - Various adjustments to the benefit may appear in an additional report band.

Your Payment Options and Amounts - This section of the report contains the following information:

• Payment Option - This is the method of payment that you elected for your benefit.
• To Retiree, if Both Alive - This is the amount that the retiree will receive if both you and your spouse are alive.
• To Surviving Spouse - This is the amount that will be paid to the surviving spouse upon your death.
• To Retiree, if Spouse Dies First - This amount represents the benefit to the retiree if their spouse predeceases the member.

Benefit Calculation - This section of the report contains the calculation including Final Average Salary, Factor, Benefit Service, Multiplier and Monthly Benefit. This information may be repeated for any adjustments.

The Benefit Estimator can be run as many times as desired with a variety of options. You can see the effects of changes in service credit, salary, or payment option by running another benefit estimate. To see an additional benefit estimate, minimize or close the window displaying the previous estimate, return to the main window, and click on Benefit Estimator in the left pane of the screen. Enter the new values and proceed through the Estimator as instructed

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