Calculate a Pension!
The formula to calculate a retirement is quite simple.
Total Service Credit * Graded Multiplier * Average Monthly Salary = Monthly Benefit
Use this simple tool to calculate a Straight Life Annuity option. This tool does not use any of your personal information. It gives you an idea of how the formula works and how the benefit changes as your age, salary, and service increase. Have some fun with it!
When did you first start contributing to ASRS?|
Before 7/1/2011 After 7/1/2011
Use the sliders to adjust the Estimated Benefit
Note: red bars indicate an 'early retirement' reduction factor has been applied.
Get your number
Log in and click 'Retirement' under 'Your Benefit Estimates' to check and customize your own personalized estimate.
Note: If you are looking for the 'old' estimator, check out the Frequently Asked Questions section on this page.
Other Retirement Options
This little calculator only estimates a Straight Life Annuity, but there are many more options available to you. You can elect a Term Certain option or Joint-and-Survivor option to ensure benefits to your survivors. You can also elect a partial lump sum, various health insurance benefits and much more. Visit our retirement page for more on the options, and Log In to your account to view and customize your own personalized estimate.
The more service you have accrued, the higher your retirement benefit. The ASRS credits service based on reported contributions from your ASRS-covered employers. Make sure all contributions have been reported by logging in to your secure account, and clicking 'Balances' under My Account. Service is awarded in the month in which contributions are reported to us, not necessarily in the month you worked.
As you accrue more service, you qualify for a higher multiplier of your final average monthly compensation, which increases your benefit.
Average Monthly Salary (Compensation)
The ASRS calculates your salary based contributions paid into your account, which are a percentage of your regular salary each pay period.
The method used to calculate your average monthly compensation is based on when you became an ASRS member.
What's Your Number?
Log in to see your personalized estimate, including your latest projected retirement date and other retirement options such as term certain and survivor annuities, partial lump sum and health insurance premium benefits. When logged in, you can also view personalized benefit estimates for refund, long term disability, service purchase and survivor benefits.
Once logged in, click 'Retirement' under 'Your Benefit Estimates' to check and customize your own personalized estimate.
Wage Replacement Rates
The longer you work and accrue service credit, the closer your retirement benefit is to your final average salary. Multiplying your Years of Service by the appropriate multiplier will provide you with the percentage of your average monthly compensation that will be paid as a monthly retirement benefit.
As the table demonstrates, even if you spend a full career in public service, your retirement benefit will only be a fraction of the wages you received while working. In fact, the ASRS was designed to be only one of three savings methods used by public employees to save for retirement, with social security and personal savings being the other two forms of retirement savings.
Frequently Asked Questions
When can I retire?
Once you have reviewed the requirements for Retirement Eligibility, Log In to your account to view and customize your own personalized estimate.