Teachers' Pension and Annuity Fund — Membership Tier 1
This estimate is prepared from salary and service information provided by Norma Terrigno.
The retirement date indicated is June 1, 2018 with 28 years and 5 months of service and a salary of $107,000.00.
Retirement Type: Service Retirement
Based on the information you provided, your Maximum Option is estimated at $55,283.33 per year, or $4,606.94 per month. Under the Maximum Option you continue to receive your monthly retirement benefit for your lifetime.
You can also select Option 1 for an estimated retiree amount of $4,298.28 per month with an Option 1 Reserve amount of $453,323.33. — Under Option 1 your monthly amount is reduced and a reserve fund is established. The reserve is reduced each month by the amount of your monthly retirement benefit. Upon your death, the balance of the reserve, if any, is paid to your beneficiary. If you deplete your retirement reserve, you will continue to receive your monthly retirement benefit for your lifetime. However, upon your death, no retirement benefit is payable to your beneficiary.
Life Insurance Estimate
Upon retirement you are eligible for Group Life Insurance coverage from the Teachers' Pension and Annuity Fund of $46,812.50 at no cost — provided that you retire with at least 10 years of pension service credit.
For more information about conversion, see Fact Sheet #13, Conversion of Group Life Insurance. To begin the conversion process, contact the Prudential Insurance Company at 1-855-364-7783 or see your local Prudential agent. You will need the Teachers' Pension and Annuity Fund Group Life Insurance policy numbers which are G-14800 for the Noncontributory Group Life Insurance and G-14300 for the Contributory Group Life Insurance.
This estimate of insurance coverage assumes that both Noncontributory and Contributory Group Life Insurance are in effect at retirement. If you have waived or voluntarily terminated all or any portion of your Contributory insurance, contact the Prudential Insurance Company for a revised estimate. This estimate may vary from the actual conversion amount as quoted by the Prudential Insurance Company due to differences in the salary or age information provided or the rounding of conversion factors used in this calculation. This is only an estimate and is not an application for conversion nor is it a guarantee of eligibility for conversion of Group Life Insurance from the Division of Pensions and Benefits or the Prudential Insurance Company.
This is not an official estimate! If you are within two years of retirement you can get an online Retirement Estimate using your current, posted salary and service information through the Member Benefits Online System (MBOS). Registered users can also apply for retirement online through MBOS. Click here to "Logon to MBOS" or find out how to become an MBOS Registered User.