State Form 3240 - Calculator For Retirement Benefits Page 2
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1
2To estimate the amount of an annual annuity paid in monthly installments and combined with your State Pension:
1.
Estimate the amount of your Annuity Savings Account at your designated retirement date by combining the current balance with future
deposits (3% of your salaries) and any interest that you expect to accrue in your account.
2.
Remember, if you choose ASA 7, your Annuity Savings Account will be reduced by the after-tax amount that you withdraw.
3.
Multiply the estimated future amount in your Annuity Savings Account by the appropriate “Age Buying Factor” below to get an “Annual
Annuity Amount.”
Age
Factor
Age
Factor
Age
Factor
50
.0825
57
.0883
64
.0974
51
.0832
58
.0893
65
.0992
52
.0839
59
.0905
66
.1010
53
.0847
60
.0917
67
.1030
54
.0855
61
.0929
68
.1051
55
.0864
62
.0943
69
.1073
56
.0873
63
.0958
70
.1097
$ _____________
$ ______________
$ _________________
$ __________________
+
+
=
Current Account Balance
Future Deposits
Anticipated Accrued Income
Estimated Future Account Balance
$ _________________
________________
$ __________________
X
=
Estimated Future Account Balance
“Age Buying Factor”
Estimated Yearly Annuity Amount
Estimated Monthly Benefit from the Fund
$ _____________
$ ______________
$ _________________
$ __________________
÷
+
=
12 =
Estimated Yearly State
Estimated Yearly
Total Estimated Yearly
Estimated Monthly Benefit Amount
Pension Amount
Annuity Amount
Benefit Amount
S
T
N
PECIAL
AX
OTICE
Payment option choices are one-time retirement decisions. The staff of the Teachers’ Retirement Fund is dedicated to providing
assistance to members as they make these important decisions. However, we strongly recommend that you consult with a professional tax
advisor.
For an explanation of retirement options available from the Fund, please review the “Member Handbook.” This
publication is available from the Web site [ or from our Member Service Center at (888) 286-3544.
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