Supplemental benefits are available only to those retiring after 10 or more years of full time service in SBRP. SBCTC supplemental
benefit is calculated on the basis of information obtained through payroll records and assumed benefit amounts provided by TIAACREF, and is subject to later adjustment for errors and rule revisions.
Employee Name:
Spouse’s Name:
Joe Smith
Sally Smith
Date of Birth:
6/10/1949
Date of Birth:
12/19/1943
Retirement Date: 2/1/2012
A. Goal Income Calculation
1) Average highest salary calculation
The highest 24 consecutive months income began:
Total salary for the period was
$115,264.00
Divided by 24 is highest average monthly salary of
2) Salary replacement goal
*Years of service (not to exceed 25)
**Number of years of service over age 50, after
7/1/74 with elected contribution rate not at 10%
Equals salary replacement goal
Age on date of Retirement:
Age on date of Retirement:
7/1/09 and ended
62
68
6/30/11
$4,802.67
12.58 times 2% equals
25.16%
0
- 0.00%
25.16%
times 1.5% equals
*Includes service at other Washington public institutions of higher education, less any years of service for
which the Employee participated in PERS or TRS and subsequently took a cash withdrawal.
**Does not include years that are in excess of 25 years of service.
3) Goal Income
Average highest monthly salary (A 1)
$4,802.67
Times salary replacement goal (A 2)
25.16%
Equals monthly retirement goal income
$1,208.35
B. Assumed Income
Assumed annuity *** provided by TIAA-CREF as of
6/26/2012
TIAA
$474.37
plus CREF
$443.18
Total Assumed Income:
Plus any retirement income from PERS or TS, based on service at a Public institution
of higher education
Total assumed income
$917.55
$ 0.00
$917.55
***Assumes 2/3 benefit to survivor if married, with a 10 year guarantee period (using spouse’s actual age,
but not exceeding a 5 year age difference). Calculation shall include accumulation values removed from
employee’s account resulting from a divorce.
C. Supplemental Retirement Income Benefit Calculation
Goal Income:
$1,208.35
Conclusion:
Assumed Income
$917.55
- The Assumed Income is greater than the Goal Income, therefore the individual does not qualify
for Supplemental Retirement Income
OR
-
The Goal Income is greater than the Assumed Income, therefore the individual qualifies for
Supplemental Retirement Income in the amount of:
Goal Income Less Assumed Income
$290.80
Reduced by ½ of 1% for each month under age 65.
Months under 65
28
-$40.71
Amount of monthly benefit
$250.09