One of the many questions we receive at the ASRS is: “How does my account balance determine my monthly benefit?”
The short answer is that your ASRS account balance is not related to the amount of your future monthly retirement benefit. Your ASRS retirement benefit is calculated using your years of service and your average monthly salary, with a “graded multiplier” added that increases with your years of service. (You can read a more in-depth explanation of that formula here.)
What our pension benefit formula does not factor in is the account balance you have accrued throughout your career.
When does your ASRS account balance become important? Primarily:
- If you decide to forfeit your ASRS service and refund your ASRS account. (Learn about refunds.)
- Your survivor benefit, should you pass away before retiring. (Learn about survivor benefits.)
- Depending on what retirement annuity you decide to take, it may affect whether or not your beneficiaries receive any funds if you pass away in retirement. (Learn about annuity options.)
Remember, ASRS pension benefits are for your lifetime. The average ASRS retiree receives more in pension benefits in 6-8 years than they paid in contributions throughout their career. Regardless, your future monthly ASRS retirement benefit will never decrease, no matter how long you live.
Are you curious to see how much your future ASRS retirement could be? Log into your secure myASRS account and click “Retirement” under the “Your Benefit Estimates” menu. Here, you can look at retirement benefit projections, see the impact of retiring early or continuing to work, or see how your monthly benefit changes based on which annuity type you select.
Published 5/14/2024, Updated Feb, 2026
