Your hire date determines how your pension is calculated. Were you hired BEFORE April 2, 2012 or were you hired on or AFTER April 2, 2012?
I was hired BEFORE April 2, 2012.
I was hired on or AFTER April 2, 2012.
I was hired on or AFTER April 2, 2012.
To make changes, simply scroll up and make changes, then press "Calculate now" again.
Estimate for retirement date of:
With years of service, which you entered for Question 5
With an additional years of service that might be purchased in the future, which you entered for Question 6
Option A
Your retirement age factor:
x Years of creditable serviceCreditable service is time that you have worked as a teacher, administrator or other Massachusetts public employee, and for which you have paid or transferred retirement contributions to the MTRS. Creditable service also includes Peace Corps service and certain military service. Generally, part-time service is pro-rated.:
% of salary average:
+ Retirement Plus %, if applicableIf you are participating in RetirementPlus, and you have 30 or more years of creditable service--at least 20 of which are teaching service with the MTRS or the Boston Retirement System--you receive an additional 2% for each full year of creditable service over 24 years.:
Allowable % of salary average:
x 3-year salary average:
Option A annual allowance:
+ Veteran's bonusIf you are a wartime veteran, $15 for each year of teaching service (up to a maximum of $300) is added to your annual retirement allowance.:
Estimated Option A annual allowance:
Option B
Estimated Option A annual allowance:
x 99% (appr. 1% less than Option A)The Option B allowance is approximately one percent less than the Option A amount. This option's payments are slightly less because Option B provides for a possible one-time, lump-sum survivor benefit.The Option B survivor benefit is a lump-sum payment of the balance, if any, remaining in your annuity savings account at the time of your death. During your retirement, the balance in your annuity savings account decreases by an amount equal to the annuity portion of your retirement allowance. In most cases, the annuity account will be depleted after 11 years.:
Estimated Option B annual allowance:
Option C
If you wish to see your estimated benefit for Option C, enter your beneficiary’s birthdate at Question 8, above.
Estimated Option A annual allowance:
x Option C factor:
Option C annual allowance:
+ Veteran Bonus:
Estimated Option C annual allowance:
x 2/3 (annual survivor portion):
Estimated annual member-survivor benefit:
Inflation
The chart below shows how much your future pension payments will be worth in today’s dollars. By default, the calculations are made using your Option A annual allowance and an inflation rate of 2.99%, which was the average rate of inflation for the 38 year period from 1990 to 2018. You can use different assumptions by entering a different inflation rate in the “Inflation Rate Chosen” box and by entering a different annual pension amount in the “Annual pension amount” box. If you expect to choose Option B or Option C, for example, you would enter your Option B or Option C annual allowance here (see the purple or pink chart, above, for the amount), rather than the Option A amount.
| Age | Year during which Age starts | Partial Year | Gross Annual Benefit Including COLA | Value of Annual Payment Adjusted for Inflation (Value in Today's Dollars) |
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