If you have not yet conducted an estimate of your OPSRP pension,
you should do so using Online Member Services (OMS) or by calculating the estimate yourself, based on the following formula:
General Service (all positions except for Police Officers and Firefighters (P&F))
1.5% × years of retirement credit (service) × monthly final average salary = monthly, lifetime pension benefit
Police and Fire (P&F)
1.8% × years of retirement credit (service) × monthly final average salary = monthly, lifetime pension benefit
Example (Replace with Your Own Numbers)
You are thinking of withdrawing. You have worked 7 years and 9 months in a General Service position. Your
retirement credit is therefore 7.75 years (9/12 months = 0.75).
To get a rough estimate of your final average salary, take your annual salary for the last three years and add them together ($55,000 + $59,000 + $64,000 = $178,000) then divide by 36 ($178,000 / 36 = $4,945 average monthly salary).
Now, complete the equation:
1.5% × 7.75 × $4,945 = $574.85 lifetime monthly benefit
If this member withdraws, the member will forfeit a lifetime monthly benefit of $574.85 a month, that would be payable upon the member retiring at full retirement age of 65.
Please use your own numbers so you are aware of the benefit you will be forfeiting if you choose to withdraw.
You must be vested in OPSRP to be eligible for an OPSRP pension retirement benefit.
Take _____ years you work (Retirement Credit) × 1.5%
45% of final average salary payable as lifetime pension = 30 years of retirement credit
30% of final average salary payable as lifetime pension = 20 years of retirement credit
15% of final average salary payable as lifetime pension = 10 years of retirement credit