Annuity eligibility


Q: I will be eligible for retirement in 2011 with 35 years of service under the Civil Service Retirement System.  I have just heard that I will need to work 40 years to get 80 percent of my salary.  What percentage will I receive if I retire with 35 years of service.

A: To receive an annuity that equals 80 percent of your highest three years of average salary, you would have to have 41 years and 11 months of service and owe no deposits or redeposits. To figure out how much your annuity would be, use the following formula, 0.015 x your high-3 x five years of service + 0.0175 x your high-3 x five years of service + 0.02 times all remaining years of service. Note: Any unused sick leave you might have would increase the amount of your annuity and wouldn’t be subject to the 80 percent limit.


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