If I am a Tier IV member, how would my service retirement allowance be calculated?
The regular pension portion of your retirement allowance is calculated based on factors such as your Total Service Credit and Final Average Salary (FAS), as indicated below.
| Total Service Credit |
Service Retirement Allowance |
| Less than 20 years |
1 2/3% of your FAS x years of Total Service Credit |
| 20-29 years |
2% of your FAS x years of Total Service Credit |
| 30 years or more |
60% of your FAS (for the first 30 years) + 1½% of your FAS x each year exceeding 30 years |
The second portion of your retirement allowance is based on your Annuity Savings Accumulation Fund (ASAF) balance. An ASAF account contains monthly supplemental contributions that the Department of Education provides to certain eligible employees who reach the maximum of their salary schedule. At retirement, any ASAF funds you have are transferred into an Annuity Reserve Accumulation Fund (ARAF), which is paid as part of your retirement allowance.
For more information, please see the If I am a Tier IV member, how would my Final Average Salary (FAS) be calculated? FAQ above.