Enter your years of service, average final salary, and retirement age into the calculator to determine your annual pension.
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FRS Retirement Calculation Formula
The following formula is used to calculate your annual pension from the FRS retirement plan.
Annual Pension = Years of Service * Average Final Salary * 0.015
Variables:
- Annual Pension is the amount you receive each year after retirement ($)
- Years of Service is the total number of years you have worked and contributed to the FRS
- Average Final Salary is the average of your highest earnings over a specified period, usually the last 5 or 10 years of service ($)
To calculate the annual pension, multiply the years of service by the average final salary and then by 0.015. This gives the amount you will receive annually after retirement.
What is FRS Retirement Calculation?
FRS retirement calculation refers to the process of determining the annual pension you will receive upon retirement from the Florida Retirement System (FRS). This involves understanding your years of service, your final average salary, and applying the pension formula. Accurate FRS retirement calculation is crucial for effective retirement planning and ensuring financial security in your retirement years.
How to Calculate Annual Pension?
The following steps outline how to calculate the annual pension using the given formula.