Calculating an MSRS pension plan benefit is a simple formula defined in Minnesota law. View this video to learn how the Unclassified retirement plan benefit is calculated….(read more)

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The Minnesota State Retirement System (MSRS) offers several different retirement plans for its members, including the Unclassified Plan. If you are a participant in the MSRS Unclassified Plan and are nearing retirement, you may be wondering how to calculate your retirement benefit.

Calculating your retirement benefit under the MSRS Unclassified Plan can be complex, as it is based on several factors including your years of service, your age at retirement, and your highest average salary. However, by following a few simple steps, you can get an estimate of what your retirement benefit might be.

First, you will need to determine your years of service credit. This is calculated by adding up all the years and months of service you have accrued as a member of the MSRS Unclassified Plan. You can find this information on your annual benefit statement, which is sent to you by MSRS each year.

Next, you will need to determine your highest average salary. This is generally calculated by taking the average of your three highest consecutive years of salary within the last five years of employment. Your salary information can also be found on your annual benefit statement.

Once you have determined your years of service credit and highest average salary, you can use the MSRS Retirement Benefit Estimator tool on the MSRS website to get an estimate of your retirement benefit. This tool takes into account your years of service credit, highest average salary, and age at retirement, and calculates your estimated monthly retirement benefit.

Keep in mind that this is just an estimate, and your actual retirement benefit may vary based on other factors such as cost-of-living adjustments and survivor benefits. It is always a good idea to consult with a financial advisor or the MSRS directly to get a more accurate estimate of your retirement benefit.

In conclusion, calculating your retirement benefit under the MSRS Unclassified Plan can be a complex process, but by following these simple steps and utilizing the resources available to you, you can get a rough idea of what your retirement benefit might be. Remember to plan ahead and consult with experts to ensure a smooth transition into retirement.