ETF always calculates your benefit using two methods and you are paid the highest amount:
  1. Formula
  2. Money Purchase

If you have made employee additional contributions, those funds are automatically calculated using the money purchase calculation and shown as a separate benefit amount on your retirement estimate.  

The charts below show how basic benefits are calculated.  They include the data used in the calculations, explain what that data is, and gives an example of each calculation.

Formula Calculation

Formula Calculation Definition Example
Final Average Monthly Earnings Total of your 3 highest annual earnings ÷ the service earned in those years ÷ 12 months.  (Calendar or Fiscal Years) $3,652
x  Formula factors Percentage factor based on your employment category(ies) Pre-2000 Post-1999
x 0.01765 x  .016
x  Creditable Service

Years of service earned (includes purchased and military, if applicable)

x  13.35 x  13.91
x  Age Reduction Factor A reduction percentage applied if retiring before normal retirement age x  0.885
+/-  Variable Adjustment Applied only if you participated in the variable trust fund +  $24

=  Benefit Amount

The highest paying annuity option (your estimate will show all options available)

=   $1,505

Money Purchase Calculation

Calculation Factor Definition Example
Money Purchase Balance All the money in your account $215,000.00
x  Money Purchase Factor Based on your age at retirement x  00.563

=  Benefit Amount

The highest paying annuity option (your estimate will show all options available)

=  $1,210

Member automatically receives the higher of the two calculations   =   $1,505


If your monthly benefit amount is not large enough to meet the minimum requirement, you may be limited to a lump-sum benefit amount.

Maximum Benefit

There is a maximum formula benefit payable that depends on your employment category.  The maximum benefit payable is based on a percentage of your final average earnings.

  • General/Teachers/Educational Support:  70%
  • Protectives (coverage under social security):  65%
  • Protectives (not coverage under social security-firefighters):  85%

Estimate Your Benefit  

We encourage you to use the easiest and most accurate way to get an unofficial estimate of benefits.  See ETF’s online WRS Retirement Benefits Calculator where you may enter the necessary information from your annual Statement of Benefits.