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Taxable Retirement Income Taxable pensions include all state and local government, teachers', and federal pensions, as well as employee pensions and annuities from the private sector and Keogh plans.

* The amount of your annual pension will be equal to 2 percent of your Final Compensation for each year of service. The effective date of retirement is the first day of the month following your 55th birthday.

Your contributions are put into the TPAF account until you are eligible to retire. You qualify for full retirement benefits when you are age 65 or older with any amount of service years. For example, if you retire after 30 years of service with a final average salary of $62,000, you will receive $2,818 per month.

A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

Under the provisions of Chapter 78, P.L. 2011, PERS and TPAF employee pension contribution rates will increase from 5.5% to 6.5% of salary. An additional increase to be phased over the next 7 years will bring the total pension contribution rate to 7.5% of salary.

The Tier-To-Tier Transfer Form is to be completed for any vested member who has an inactive pension membership account and wishes to transfer the pension service credit from their inactive vested membership to their current active pension membership in a different tier within the same retirement system.

Teachers' Pension and Annuity Fund.

The main reason why it would cost more to fund a typical teacher's retirement through a 401(k) is that a pooled pension is simply more efficient than individual investment accounts as a means of financing retirement for a large, multi-generational workforce—as a multitude of studies have shown.

Annual Benefit = 54.5 percent X last year or highest 12 months of salary; or At least 35 years of service at age 55 or older. Annual Benefit = Years of Service ÷ 55 X Highest 12 Months of Salary. At least 25 years of service at age 55 or older; or at least 20 years of service at age 60 or older.

Benefit to a Beneficiary The benefit payments continue for your lifetime only. Upon your death, ben- efits end and your survivors do not receive a pension allowance.

Annual Benefit = 54.5 percent X last year or highest 12 months of salary; or At least 35 years of service at age 55 or older. Annual Benefit = Years of Service ÷ 55 X Highest 12 Months of Salary. At least 25 years of service at age 55 or older; or at least 20 years of service at age 60 or older.

Taxable Retirement Income Taxable pensions include all state and local government, teachers', and federal pensions, as well as employee pensions and annuities from the private sector and Keogh plans.

* The amount of your annual pension will be equal to 2 percent of your Final Compensation for each year of service. The effective date of retirement is the first day of the month following your 55th birthday.

Your contributions are put into the TPAF account until you are eligible to retire. You qualify for full retirement benefits when you are age 65 or older with any amount of service years. For example, if you retire after 30 years of service with a final average salary of $62,000, you will receive $2,818 per month.

A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.

Under the provisions of Chapter 78, P.L. 2011, PERS and TPAF employee pension contribution rates will increase from 5.5% to 6.5% of salary. An additional increase to be phased over the next 7 years will bring the total pension contribution rate to 7.5% of salary.

The Tier-To-Tier Transfer Form is to be completed for any vested member who has an inactive pension membership account and wishes to transfer the pension service credit from their inactive vested membership to their current active pension membership in a different tier within the same retirement system.

Teachers' Pension and Annuity Fund.

The main reason why it would cost more to fund a typical teacher's retirement through a 401(k) is that a pooled pension is simply more efficient than individual investment accounts as a means of financing retirement for a large, multi-generational workforce—as a multitude of studies have shown.

Annual Benefit = 54.5 percent X last year or highest 12 months of salary; or At least 35 years of service at age 55 or older. Annual Benefit = Years of Service ÷ 55 X Highest 12 Months of Salary. At least 25 years of service at age 55 or older; or at least 20 years of service at age 60 or older.

Benefit to a Beneficiary The benefit payments continue for your lifetime only. Upon your death, ben- efits end and your survivors do not receive a pension allowance.

Annual Benefit = 54.5 percent X last year or highest 12 months of salary; or At least 35 years of service at age 55 or older. Annual Benefit = Years of Service ÷ 55 X Highest 12 Months of Salary. At least 25 years of service at age 55 or older; or at least 20 years of service at age 60 or older.