MSRS - Benefit Formula

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Last Updated: 03/22/2010

Home >> Judges Plan >> Benefit Calculation

Benefit Calculation

Computing your benefit involves calculating your average monthly salary, service-credit percent, any early-retirement reduction and benefit choice. Years and months of service are converted to a percent of your high-five average monthly salary through a formula.

For each year of service prior to July 1, 1980, you receive 2.7 percent in service credit. For each year of service after July 1, 1980, you earn 3.2 percent per year up to a maximum of 76.8%.

Retirement Calculation Example
Judge's age:	65 years
Years of service:	23 years
Service prior to 7/1/1980:	2 years, 6 months
Service credit percent:	2.5 years x 2.7% = 6.75%
Service after 7/1/1980:	20 years, 6 months
Service credit percent:	20.5 years x 3.2% = 65.60%
Total service credit percent:	6.75% + 65.60% = 72.35%
Average monthly salary:	$ 8,333
Percent multiplied by monthly salary	72.35% x $ 8,333 = $ 6,028

After judges are eligible to receive 76.8 percent of their high-five average salary, additional employee contributions are moved to the Unclassified Employees Retirement Plan instead of the Judges Retirement Plan.