CMERS Benefit Estimator:

• Please refer to the following benefit estimator if you would like to obtain an estimate of your potential CMERS pension payment under different scenarios:
  CMERS Part B Benefit Estimator
  

CMERS Part B Benefit Formula and Factors:

• The amount of your monthly benefit is ?defined? by a formula which takes into account your years of retirement service credit, your average salary, your age, and your plan membership.
   
• Your basic normal retirement benefit is calculated using one or two formulas, depending on whether or not you are covered by Social Security, and if you are covered by Social Security depending on your age and whether or not you are receiving a Social Security Disability Award.
   
• If your employment is not covered by Social Security or if your employment is covered by Social Security and you retire before age 62 and you are not receiving a Social Security Disability Award when you retire, your basic annual benefit equals:

2 % X Final Average Pay X Years/Months of Service

• Important: CMERS Part B members will be subject to a reduction upon reaching the age of 62 or upon receipt of a Social Security Disability Award prior to the age of 62. CMERS Part B members must notify CMERS if they receive a social security disability award prior to the age of 62.
  

Age 62 - Social Security Reduction

• All CMERS Part B members who are covered by Social Security are subject to the Age 62 - Social Security Disability Award reduction.
   
• There are 2 triggers for this reduction:
  • When you reach the Age of 62 (when you are eligible for social security), or
  • Prior to the age of 62 if you receive a Social Security Disability Award.
     
• It is your obligation to notify CMERS if you collect a disability Social Security benefit prior to reaching the age of 62.
   
• At this time your CMERS benefit will be recalculated using the following formula:

1 ?% X Final Average Pay X Years of Service
Up to the Year?s Breakpoint

Plus

2 % X Final Average Pay X Years of Service
Above the Year?s Breakpoint

• The applicable breakpoint can be found on this chart:
  http://osc.ct.gov/index.phprbsd/cmers/plandoc/breakpoint.htm
  
  

Benefit Rate:

• Benefit Rate: Your years of service and your age will determine your Benefit Rate.
   
  • If you are under the age of 55, your benefit rate will be determined by the combination of your age and years of service based on the following chart: http://osc.ct.gov/index.phprbsd/cmers/plandoc/ERetFact.pdf 
     

Retirement Service Credit:

• Retirement Service Credit Includes:
  • All periods of service for which you have paid retirement contributions.
     
  • Periods of creditable workers? compensation.
     
  • Any periods of purchased service credit will be included in your total retirement service credit.
    • Please refer to the CMERS summary plan description for further information regarding possible retirement service credit purchase opportunities: http://osc.ct.gov/index.phprbsd/cmers/plandoc/MERFSPD7107.pdf
       
• Retirement Service Credit Excludes:
  • Any periods for which you have not paid retirement contributions, this may include:
  • Un-purchased leaves of absence without pay;
    

Part-Time Service:
If you have had part-time service, you should know that:

• For retirement eligibility purposes, your part-time service will be treated as if it were full-time service.
   
• For retirement income calculation purposes, however, your benefit will be adjusted to reflect the portion of the standard full-time schedule you worked throughout your employment.

Remember, you must customarily work at least 20 hours per week in order to qualify for CMERS membership.

Average Salary

• Your average salary is the average of your 3 highest paid years of service.
   
• Any 1 period of 12 consecutive months equals 1 year.
   
• Although for the majority of retirees the average salary is the average of the last 36 months of employment, when calculating your average salary the 3 years do not have to be consecutive years or calendar years.
  

Cost of Living Adjustment

• Your pension is subject to an annual Cost of Living Adjustment (COLA).
   
• These cumulative raises will be paid each year on July 1st depending on your date of retirement (DOR).
   
• Your contingent annuitant will also continue to receive annual COLAs following your death.
   
• The COLA for non-disability retirements will range from a minimum 2.5% to a maximum of 6% based on a formula which takes into account a portion of the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12 months immediately preceding your COLA anniversary date.
   
• The COLA for disability retirements will range from a minimum of 3% to a maximum of 5% based upon the performance of the fund?s investments.