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Sample Retirement Calculations

General Members

Calculating your pension payments can be a tricky equation to solve. We're here to help you through the process.

Follow these steps to learn how your pension is calculated.

Components of the calculation

Your pension benefit is based on a formula using these components:

• your pensionable service;

• your highest average salary (HAS)*; and

• the accrual rate.

* Your HAS is the average of your highest three calendar years of pensionable salary while you were a member of MEPP.

Pensionable service

Pensionable service includes service:

• for time you contributed to MEPP;

• for part of a waiting period served;

• for leaves of absence for which you made contributions;

• that you have purchased; and

• that is credited, if you are approved for a disability waiver.

The amount of pensionable service you earn is based on how much you work.

For a closer look, see the example used here. Pension Calculations

Things to keep in mind

You are eligible to retire and receive a pension with no reduction when:

  • your age plus your eligibility service equals at least 80; or
  • you reach 65 years of age.

You are eligible to retire and receive a reduced pension when:

  • you reach 55 years of age; and
  • have at least 15 years of eligibility service.
Working past age 65

Age 65 is MEPP’s normal retirement age for general members. If you work past age 65, you must:

  • contribute to the Plan while you are working; and
  • start receiving your pension by the end of the calendar year in which you turn 71 years of age.

Learn more about MEPP In-Depth on Retirement Eligibility and Options (General Members).

View Sample Pension Calculations to learn how your pension benefit is calculated.

 

Designated Police Officers and Firefighters

Are you curious to know what your pension payments might look like in retirement?

Follow these steps to learn how your pension is calculated.

Components of the calculation

Your pension benefit is based on a formula using these components:

  • your pensionable service;
  • your highest average salary (HAS)*; and
  • an accrual rate.

* HAS is the average of your highest three calendar years of pensionable salary while you were a member of MEPP.

Pensionable service

Pensionable service includes:

• for time you contributed to MEPP;

• for part of a waiting period served;

• for leaves of absence for which you made contributions;

• that you have purchased; and

• that is credited if you are approved for a disability waiver.

The amount of pensionable service you earn is based on how much you work.

For a closer look, see the example used here. Pension Calculations.

Things to keep in mind

You are eligible to retire and receive a pension with no reduction if:

  • you have at least 25 years of eligibility service;
  • you reach 55 years of age; or
  • your age plus your eligibility service equals at least 75.

You are eligible to retire and receive a reduced pension if:

  • your age plus your eligibility service equals at least 70 and you are at least 45 years of age.
Working past age 60

Age 60 is the normal retirement age for police officers and firefighters. If you work past age 60, you must:

  • contribute to the Plan while you are working; and
  • start receiving your pension by the end of the calendar year in which you turn 71 years of age.

Learn more about MEPP In-Depth on Retirement Eligibility and Options (Designated Police Officers and Firefighters)

View Sample Pension Calculations to learn how your pension benefit is calculated.

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