UConn Retirement Worksheet

Retirement Calculation Materials

Attached are some retirement worksheets to assist you in estimating your retirement pension benefits. If you wish to find out more about your estimated pension benefits, please follow the instructions provided on the worksheets.

*Please note: Alternate Retirement Program (ARP) members only need to be concerned with the length of time they contributed to the alternate retirement plan. The following criteria would qualify an ARP employee for medical insurance in retirement:

1. Age 55 and 10 years of ARP contributions

2. Age 62 with 5 years of ARP contributions

ARP estimates and projections can be obtained by calling ING at 800-584-6001.

Also visit the ING web site www.CTdcp.com for additional information.

For all other retirement examples, follow the following links:

Go to the Top
Example Employee Statistics for Tier I and Hazardous Duty Employees
"Example" Worksheet for Estimating Pension for Tier I Employees
Worksheet for Estimating Pension for Tier I Employees
Tier II Retirement Breakpoint Chart
"Example" Worksheet for Estimating Pension for Tier II Employees
Worksheet for Estimating Pension for Tier II Employees
Worksheet for Estimating Pension for Hazardous Duty Employees
Notes
Benefit Percentage for Each Year of Service
Retirement Options

Example Employee Statistics For Use On
Worksheet For Estimating Pension
for Tier I and Hazardous Duty Employees

Employee Name:	Joe Uconn
Employee Retirement Date:	06/01/2000
Employee's Date of Birth:	10/12/1938 (61 years, 7 months, 19 days)
Employee's Date of Hire:	02/27/1970
Retirement Credit Purchase:	2/00/00 (military time)
Avg. Salary for 3 Highest Years Earnings:	$50,000.00
Number of Vacation Days Accrued:	37
Personal Leave of Absence Without Pay:	2 months, 00 days

Top	Example Statistics	Tier I Example	Tier I Worksheet	Tier II Breakpoint	Notes	Benefit %
Top	Haz. Duty Example	Haz. Duty Worksheet	Tier II Example	Tier II Worksheet	Options	Application

** EXAMPLE **

Worksheet for Estimating Pension
for Tier I Employees

To estimate your pension from the State of Connecticut you must find the amounts of the 3 major components in the pension calculation:

1. Retirement Credit

2. Age at Retirement

3. Average Earnings

Complete this worksheet to get an estimate of what your pension will be. This estimate will assist you in your decision of when to retire.

To Estimate Your Total Retirement Credit: YR MO DA

1. Enter retirement effective date (yy, mm, dd) _2000_ _06_ _01_

2. Enter date your employment at UConn began (yy, mm, dd). _1970_ _02_ _27_

3. Subtract line 2 from line 1, this is your total UConn service (see note #1). _30_ _03_ _03_

4. Enter total retirement credit purchased (if any) for any prior State of Connecticut service. _00_ _00_ _00_

5. Enter total retirement credit purchased for military service. _02_ _00_ _00_

6. Enter number of vacation days accrued at time retirement will be effective (see note #2). _00_ _00_ _37_

7. Add lines 3, 4, 5, and 6. _32_ _03_ _40_

8. Enter total time of any leaves without pay. _00_ _02_ _00_

9. Subtract line 8 from line 7 - this is your estimated total retirement credit. _32_ _01_ _40_

10. Convert to actual years and months (see note #3). _32_ _02_ _10_

To Get Your Age at Retirement: YR MO DA

11. Enter retirement effective date (yy, mm, dd). _2000_ _06_ _01_

12. Enter your date of birth (yy, mm, dd). _1938_ _10_ _12_

13. Subtract line 12 from line 11. _61_ _07_ _19_

14. Convert to actual years (see note #3). _61_ _07_ _19_

Find Benefit Factor On Chart By Using Number Found Under Your Age From Line 14 For Number of Years Service From
Line 10

15. Enter years of service from line 10 (see note #4). ____32.1666____

16. Enter benefit % from attached chart (see note #5). ______.02______

17. Multiply line 15 by line 16 - this is the % of your average salary you will get as a pension. ______64.33%____

To Get An Estimate of Your Three Highest Years Earnings
(note #6):

18. Enter your salary for first 12 consecutive month period including any overtime, and/or special & longevity payments. _____55,000.____

19. Enter your salary for second 12 consecutive month period including any overtime, and/or special and longevity payments. _____50,000.____

20. Enter salary for third 12 consecutive month period including any overtime, and/or special and longevity payments. _____45,000.____

21. Total lines 18, 19, and 20 - this is your total 3 highest years salary. ____150,000.____

22. Divide line 20 by 3 to get average 3 highest years salary. _____50,000.____

To Get Estimated Pension Amount:

23. Enter % of average salary from line 17. _____64.33%_____

24. Multiply line 22 by line 23 this is your estimated annual pension. _____32,165.____

25. Divide line 24 by 12 - this is your estimated monthly pension. _____2680.41____

If you are in Tier I, Plan B, you must do the following to estimate the impact of the Plan B reduction. The Plan B reduction begins when you reach full Social Security retirement age.

26. Enter number from line 17. _____64.33%_____

27. Multiply line 26 by 200 - this is the estimated monthly reduction for Plan B at age 65 and older. ____128.66_____

28. Enter amount from line 25. ____2680.41____

29. Enter amount from line 27. ____128.66_____

30. Subtract line 29 from line 28 - this is your estimated monthly pension. ____2551.75____

31. Multiply amount on line 30 by 12 - this is your estimated annual pension. _____30,621.____

Rev. 04/00

Top	Example Statistics	Tier I Example	Tier I Worksheet	Tier II Breakpoint	Notes	Benefit %
Top	Haz. Duty Example	Haz. Duty Worksheet	Tier II Example	Tier II Worksheet	Options	Application

NOTES
(All Employees)

NOTE #1:	Remember that you convert a month to 30 days when borrowing from a month and that you convert a year to 12 months when you borrow from a year. Example: 40 09 16 subtracted from 97 09 01 would be calculated by borrowing 1 month making it 08 months 31 days - then when subtracting the months you would borrow 1 year making the months 20 and the year 96 as follows:
		97 09 01			96 20 31
	minus	40 09 16	becomes	minus	40 09 16
					56 11 15
NOTE #2:	There are maximum days allowed by collective bargaining contracts as follows: UCPEA - 44; AAUP - 0; Management - 60; classified - 120.
NOTE #3:	Total days larger than 30 - divide by 30 and increase months by number of times 30 goes into number of days.
	Total months larger than 12 - divide by 12 and increase years by number of times 12 goes into number of months if there is a remainder this is your new number of months.
NOTE #4:	Months should be viewed as fractions of a year as follows:
	Number of Months		Decimals to be Added to Years
	1			.083
	2			.166
	3			.250
	4			.333
	5			.416
	6			.500
	7			.583
	8			.666
	9			.750
	10			.833
	11			.916
NOTE #5:	The number found on the chart must be converted to a decimal, therefore, multiply it by .01 (1.25 x .01 = .0125) use the decimal on line 16.
NOTE #6:	Usually the last 3 years will be the 3 highest earning years. You can review your past W-2 forms or if you keep check stubs, they also would be a source of salary information.

Top	Example Statistics	Tier I Example	Tier I Worksheet	Tier II Breakpoint	Notes	Benefit %
Top	Haz. Duty Example	Haz. Duty Worksheet	Tier II Example	Tier II Worksheet	Options	Application

Benefit Percentage for Each Year of Service
(All Employees)

Years of Service	*-- AGE --*											70 & Over
Years of Service	55	56	57	58	59	60	61	62	63	64	65-69	70 & Over
5 to 9	0	0	0	--	--	--	--	--	--	--	--	--
10	1.00	1.06	1.12	1.20	1.30	1.40	1.52	1.64	1.76	1.88	2.00	2.50
11	1.07	1.12	1.18	1.25	1.35	1.44	1.55	1.66	1.78	1.89	2.00	2.50
12	1.13	1.18	1.24	1.31	1.39	1.48	1.58	1.69	1.79	1.90	2.00	2.50
13	1.20	1.25	1.29	1.36	1.44	1.52	1.62	1.71	1.81	1.90	2.00	2.50
14	1.26	1.31	1.35	1.41	1.48	1.56	1.65	1.74	1.82	1.91	2.00	2.50
15	1.33	1.37	1.41	1.47	1.53	1.60	1.68	1.76	1.84	1.92	2.00	2.50
16	1.40	1.43	1.47	1.52	1.58	1.64	1.71	1.78	1.86	1.93	2.00	2.50
17	1.46	1.49	1.53	1.57	1.62	1.68	1.74	1.81	1.87	1.94	2.00	2.50
18	1.53	1.56	1.58	1.62	1.67	1.72	1.78	1.83	1.89	1.94	2.00	2.50
19	1.59	1.62	1.64	1.68	1.71	1.76	1.81	1.86	1.90	1.95	2.00	2.50
20	1.66	1.68	1.70	1.73	1.76	1.80	1.84	1.88	1.92	1.96	2.00	2.50
21	1.73	1.74	1.76	1.78	1.81	1.84	1.87	1.90	1.94	1.97	2.00	**
22	1.79	1.80	1.82	1.84	1.85	1.88	1.90	1.93	1.95	1.98	2.00	**
23	1.86	1.87	1.87	1.89	1.90	1.92	1.94	1.95	1.97	1.98	2.00	**
24	1.93	1.93	1.93	1.94	1.94	1.96	1.97	1.98	1.98	1.99	2.00	**
25 or Over	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00

**Using the benefit rate of 2.50, percentage frozen to a maximum of 50%.

Top	Example Statistics	Tier I Example	Tier I Worksheet	Tier II Breakpoint	Notes	Benefit %
Top	Haz. Duty Example	Haz. Duty Worksheet	Tier II Example	Tier II Worksheet	Options	Application

RETIREMENT OPTIONS
(All Employees)

Option #1: Straight Life Annuity

This option provides you with the highest monthly benefit -- a benefit for life. However, all payments stop at your death and your designated beneficiary will only receive your remaining contributions made to the retirement system and any accrued interest.

Option #2: Contingent Annuitant (50% or 100%)

This option arranges to continue payments after your death to any beneficiary you choose. The option provides a reduced monthly benefit to you for life. After your death, a percentage of that benefit, either 50% or 100%, whichever you choose, will continue for the lifetime of your beneficiary.

Option #3: 10 Year or 20 Year Period Certain

This option provides reduced monthly payments for your lifetime, with payments guaranteed from your date of retirement for 10 to 20 years, whichever you choose. If you die before 10 years (120 payments) or 20 years (240 payments), the remaining payments will be made to your beneficiary.

If you elect a payment form that will continue to a survivor, the benefit amount you receive will depend on your age and, in some cases, the age of your beneficiary. The amount is less than you would receive if benefits were paid to you alone. This is because benefits are provided over two lifetimes - yours, and after your death, your beneficiary's.

If you retire and haven't designated the payment form you'd prefer, your benefit will be paid according to your marital status when payment begins.

Top	Example Statistics	Tier I Example	Tier I Worksheet	Tier II Breakpoint	Notes	Benefit %
Top	Haz. Duty Example	Haz. Duty Worksheet	Tier II Example	Tier II Worksheet	Options	Application

Back to the Benefits Menu...

Back to Human Resources's Home Page...

To Estimate Your Total Retirement Credit:		YR	MO	DA
1.	Enter retirement effective date (yy, mm, dd)	_2000_	_06_	_01_
2.	Enter date your employment at UConn began (yy, mm, dd).	_1970_	_02_	_27_
3.	Subtract line 2 from line 1, this is your total UConn service (see note #1).	_30_	_03_	_03_
4.	Enter total retirement credit purchased (if any) for any prior State of Connecticut service.	_00_	_00_	_00_
5.	Enter total retirement credit purchased for military service.	_02_	_00_	_00_
6.	Enter number of vacation days accrued at time retirement will be effective (see note #2).	_00_	_00_	_37_
7.	Add lines 3, 4, 5, and 6.	_32_	_03_	_40_
8.	Enter total time of any leaves without pay.	_00_	_02_	_00_
9.	Subtract line 8 from line 7 - this is your estimated total retirement credit.	_32_	_01_	_40_
10.	Convert to actual years and months (see note #3).	_32_	_02_	_10_

To Get Your Age at Retirement:		YR	MO	DA
11.	Enter retirement effective date (yy, mm, dd).	_2000_	_06_	_01_
12.	Enter your date of birth (yy, mm, dd).	_1938_	_10_	_12_
13.	Subtract line 12 from line 11.	_61_	_07_	_19_
14.	Convert to actual years (see note #3).	_61_	_07_	_19_

Find Benefit Factor On Chart By Using Number Found Under Your Age From Line 14 For Number of Years Service From Line 10
15.	Enter years of service from line 10 (see note #4).	____32.1666____
16.	Enter benefit % from attached chart (see note #5).	______.02______
17.	Multiply line 15 by line 16 - this is the % of your average salary you will get as a pension.	______64.33%____

To Get An Estimate of Your Three Highest Years Earnings (note #6):
18.	Enter your salary for first 12 consecutive month period including any overtime, and/or special & longevity payments.	_____55,000.____
19.	Enter your salary for second 12 consecutive month period including any overtime, and/or special and longevity payments.	_____50,000.____
20.	Enter salary for third 12 consecutive month period including any overtime, and/or special and longevity payments.	_____45,000.____
21.	Total lines 18, 19, and 20 - this is your total 3 highest years salary.	____150,000.____
22.	Divide line 20 by 3 to get average 3 highest years salary.	_____50,000.____

To Get Estimated Pension Amount:
23.	Enter % of average salary from line 17.	_____64.33%_____
24.	Multiply line 22 by line 23 this is your estimated annual pension.	_____32,165.____
25.	Divide line 24 by 12 - this is your estimated monthly pension.	_____2680.41____
	If you are in Tier I, Plan B, you must do the following to estimate the impact of the Plan B reduction. The Plan B reduction begins when you reach full Social Security retirement age.
26.	Enter number from line 17.	_____64.33%_____
27.	Multiply line 26 by 200 - this is the estimated monthly reduction for Plan B at age 65 and older.	____128.66_____
28.	Enter amount from line 25.	____2680.41____
29.	Enter amount from line 27.	____128.66_____
30.	Subtract line 29 from line 28 - this is your estimated monthly pension.	____2551.75____
31.	Multiply amount on line 30 by 12 - this is your estimated annual pension.	_____30,621.____

Example Employee Statistics For Use On Worksheet For Estimating Pension for Tier I and Hazardous Duty Employees

Worksheet for Estimating Pension for Tier I Employees

NOTES (All Employees)

Benefit Percentage for Each Year of Service (All Employees)

RETIREMENT OPTIONS (All Employees)