Sc Peba Retirement Calculator

SC PEBA Retirement Benefit Estimator

Class Two / Class Three (1.82% Multiplier) Class One (2.00% Multiplier)

function calculatePebaRetirement() { var retirementClass = document.getElementById("retirementClass").value; var yearsOfService = parseFloat(document.getElementById("yearsOfService").value); var monthsOfService = parseFloat(document.getElementById("monthsOfService").value); var averageFinalCompensation = parseFloat(document.getElementById("averageFinalCompensation").value); var resultDiv = document.getElementById("result"); // Input validation if (isNaN(yearsOfService) || yearsOfService < 0 || isNaN(monthsOfService) || monthsOfService 11 || isNaN(averageFinalCompensation) || averageFinalCompensation < 0) { resultDiv.innerHTML = "Please enter valid positive numbers for all fields."; return; } var totalServiceYears = yearsOfService + (monthsOfService / 12); var multiplier; if (retirementClass === "class1") { multiplier = 0.0200; // 2.00% for Class One } else { // Default to Class Two / Class Three multiplier = 0.0182; // 1.82% for Class Two and Class Three } var annualBenefit = multiplier * totalServiceYears * averageFinalCompensation; var monthlyBenefit = annualBenefit / 12; resultDiv.innerHTML = "

Estimated Annual Retirement Benefit:

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Estimated Monthly Retirement Benefit:

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Understanding Your SC PEBA Retirement Benefits

The South Carolina Public Employee Benefit Authority (SC PEBA) manages the retirement plans for state and local government employees in South Carolina. Understanding how your retirement benefit is calculated is crucial for planning your financial future. This calculator provides an estimate based on the primary factors that determine your annual retirement income from SC PEBA.

The SC PEBA Retirement Formula

For most members of the South Carolina Retirement System (SCRS), the annual retirement benefit is calculated using a specific formula:

Annual Benefit = Multiplier × Years of Service × Average Final Compensation (AFC)

Key Components Explained:

• Years of Service: This is the total amount of creditable service you have accumulated with SC PEBA. It includes all periods during which you made contributions to the retirement system. This calculator allows you to input both full years and additional months for greater precision.
• Average Final Compensation (AFC): Your AFC is the average of your highest 12 consecutive quarters of earnable compensation. For simplicity, this calculator uses an "Average Final Compensation" input, which you should estimate based on your highest earning periods. It's important to note that this is typically your highest average annual salary over a specific period, not necessarily your current salary.
• Multiplier: This is a percentage factor determined by your retirement class.
  • Class One Members: For those who became members before July 1, 2012, the multiplier is 2.00% (0.0200).
  • Class Two and Class Three Members: For those who became members on or after July 1, 2012, the multiplier is 1.82% (0.0182). Most current employees fall into Class Two or Class Three.

How to Use the SC PEBA Retirement Estimator

1. Select Your Retirement Class: Choose whether you are a Class One or Class Two/Three member. If you're unsure, most employees hired after July 1, 2012, are Class Two or Three.
2. Enter Total Years of Service: Input the total number of full years you expect to have worked under SC PEBA.
3. Enter Total Months of Service: If you have partial years, enter the remaining months (0-11).
4. Enter Average Final Compensation (AFC): Provide your best estimate for your Average Final Compensation. This should be your highest average annual salary over 12 consecutive quarters.
5. Click "Calculate Estimated Benefit": The calculator will instantly display your estimated annual and monthly retirement benefits.

Example Calculation:

Let's say you are a Class Two/Three member with:

• Years of Service: 25 years and 6 months
• Average Final Compensation (AFC): $60,000

Here's how the calculation works:

• Total Service Years: 25 + (6 / 12) = 25.5 years
• Multiplier (Class Two/Three): 0.0182
• Estimated Annual Benefit: 0.0182 × 25.5 × $60,000 = $27,846.00
• Estimated Monthly Benefit: $27,846.00 / 12 = $2,320.50

This calculator is designed to give you a clear, quick estimate of your potential SC PEBA retirement benefits, helping you in your long-term financial planning.