Member not working out of grade:

Member is a 55-year old, non-veteran, group 1 employee. His average annual rate of regular compensation for the 12 month period for which he last received regular compensation is $50,000. His membership date is January 1, 1985. His Annuity Savings Fund balance on his date of retirement is $75,000.

Calculation of Option A retirement allowance:

Pension: $50,000 x 72% = $36,000
Annuity: $75,000 x 0.00701 = 525.75 x 12 = $6,309
Allowance; $36,000 + $6,309 = $42,309

Member working out of grade:

Member is a 60-year old, non-veteran, group 4 employee. His annual rate of regular compensation on the date of his injury (based on the acting position) is $75,000. The annual rate of regular compensation on the date of his injury for his permanent position $50,000. His membership date is January 1, 1985. His Annuity Savings Fund balance on his date of retirement is $80,000.

Calculation of Option A retirement allowance:

Pension: $50,000 x 72% = $36,000
Annuity: $80,000 x 0.00759 = $607.20 x 12 = $7,286.40
Allowance; $36,000 + $7,286.40 = $43,286.40

Note: 

The pension portion is based on the greater of the average annual rate of regular compensation for the 12 month period for which the member last received regular compensation immediately preceding the date of retirement or the annual rate of regular compensation on the date of the injury for the permanent position, NOT the acting position.