Public Employes Retirement
News and Sidelights
Mt- Sayler replied
follows: "I do
not believe there is any simple formula
which could be used by the individual
to estimate his potential pension. If a
formula is simple enough to be readily
understood, f t, will not be very accu
rate. If I t is to be accurate, it certainly
will not be simple,” |
However, Mr. Sayler then proceeds
to help us out and continues as follows:
”Prior service——' The pension from
prior service is easy; $2.50 per month at
age 65 for each year of prior service
credit, up to -2,0 years,y$s evidenced by
prior service Certificate issued to each
member by this department.
"Current service ^ M e a n in g service
after July 1, 1946, is not so easy. Based7
bn salaries not exceeding $200 per
month, an employee. 3 5 years of age or
over at the time he acquired member
ship in the system, will add approxi
m a te ly - f j^ th of half-pay.,to his pen-
I sion for each ;,yeyir of such current
service. If he is youpger than 3 5,. and
hende has more th a n /30 years to go
before reaching age 65, we cannot use
the figure of l/fO th of half-pay. If
he is v30 years old and has 3 5 years of
current service ahead of him, each
/jr^ar ,of current service will add ap
proximately R H B of half-pay. If he
Administrator Furnishes Data
Mr. Jerry S. Sayler has graciously I is 25 years of age, w ith 40 years of
current service ahead of him, each
furnished us with some more interest
ing data on pensions which ¿we pass bn I .year of-, current, /se^ice ■ will add ap
proximately 1-^4 Oth of half-pay; and
to the members toward a better under
standing of the system. The staff has I so on. These figures are based on sal
aries’ of $200 per month or less; but
found Mr. Sayler consistently helpful
zin answering pur questions,. and we would apply equally eyen though the
have every confidence that .the system employe receives more than $200 per
month: if 'he has elected to limit his
is being administered in a capable
contributions to $;2;00 per month of
manner.
salary.
-e ‘
"
How to Figure Your Pension
"E ffect of contributions on salary
In answering our query as to whether
there was a simple and accurate formula over $200 per month—If he -receives
more than $200 per month and has
which could be given so any employee
elected to contribute on the basis of all
could figure his own potential pension,
Retirement Checks-Go to 581 Employees
July of this year marked the I first
month of full operation of the retire
ment system. The promotional work of
the O.S.E.A., the prudence and wis
dom of the legislature and the diligence,,
and efficiency, of the retirement Sys
tem administration have combined to
provide the first fruits to retiring em
ployees. I HH 1
2
:
Qn thez first months full operation,
Mr, S ayk/; , executive secretary, has
given us . some interesting figures, as
follows: I .
I HH I
Applications received -------- j—-642
Pension checks issued-------81
Average amount — ———— $ 3 7.90
Largest cheeky — — —- —$ 132.98
Smallest check
— $1-20
Oldest retired employee —— — 92
Commenting on the above', Mr. Say-
ler pointed out that 61 of the applica
tions had to be held up because'notice
of termination had not been received
from employers, giving the last deduc
tion, etc. The -large check wa’s N O T
to a state employee, ft was stated, while
the -smallest check was to a retired
employee who preferred the. - smalt
monthly pension to refund of his
money.. |