In your myMERS Dashboard, you’ll see “MERS DB Monthly Pension” listed under Retirement in the Accounts section. While this one monthly pension payment is included in the total retirement account balance shown in the Dashboard, it does not project the total dollar amount of monthly payments you may receive throughout your life in retirement.
If you are an active employee, the MERS DB Monthly Pension amount uses a projected final average compensation (FAC) based on your current FAC (as of August 31, 2021) with a 2% wage projection and service projected to age 60. For actives over age 60, MERS used a projected retirement date of 1/1/2022. The projections do not include Cost of Living Adjustments (COLAs) expected in retirement and do not include any early unreduced options.
This projection should NOT be used as a final calculation. To view your current Earned Monthly Benefit or calculate your future benefit, select the “View Plan Summary” link in the Dashboard.
If you are retired, the MERS DB Monthly Pension is the last payment amount you received (as of August 31, 2021). However, this amount does not include Cost of Living Adjustments (COLAs) that may have taken effect since then.
To view your current monthly payment and manage your account, select the “View Plan Summary” link in the Dashboard. There, you will be able to update your tax withholding and banking information.
If you have left employment and taken a refund of your defined benefit plan, you will see $0 listed.
Retirement Planning Workout
In the Retirement Planning workout, you answer a series of questions to determine when you want to retire and how much money you would like to have in retirement.
The tool will review your retirement funding sources to estimate the monthly amount you’ll have in retirement at a certain age. You can click on the underlined estimated monthly amount to view your projected income in today’s dollars vs future dollars.