Montana Public Employees' Retirement System Handbook 2001 Oct

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(See page 26 for an explanation of the basic formula.) Option 1 Formula : 1/50 X Service Credit x HAC x Early Retirement Factor 1/50 X 25 X $1,500 x .70 = $525.00/month The early retirement factor is .70 for Kenny. Two factors could apply to Kenny, either .556 for age 51 or .70 for 25 years of service credit. We use .70 because it gives Kenny a larger benefit.
45 See Table 1 on page 27 for a list of early retirement factors. Under Payment Option 1, Kenny will receive a benefit of $525.00 each m
...onth for the remainder of his life. Upon his death, his beneficiaries will receive the balance of his account. The account balance is equal to his contributions plus interest at retirement less all benefits paid to him.
Option 2 Formula: Option 1 Amount x Option 2 Factor $525.00 X .8775 = $460.69 per month Option 2 will provide Kenny $460.69 per month for the rest of his life. Upon his death, Kenny's contingent annuitant will receive the same monthly benefit, $460.69, for life.
Option 3 Formula: Option 1 Amount x Option 3 Factor $525.00 X .9382 = $492.56 per month Option 3 will provide Kenny a benefit of $492.56 each month.


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