Flat-Dollar Formula

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Flat-Dollar Formula

The Flat-Dollar method is the simplest of the three formulas. It uses a flat-dollar amount of $29 and your creditable years of service.

29 x Years of Creditable Service (up to 29) x 12 (months) = Annual Benefit

To illustrate how your benefit is calculated, assume you are a non-LAGERS participant with 27 years of service. Under the Flat-Dollar formula, your benefit is calculated as follows:

$29 x 27 (Years of Creditable Service) x 12 (months) = $9,396 (Annual Benefit)

If you are a LAGERS participant, you will receive two-thirds of this amount, or:

$9,396 x 2/3 = $6,264 (Annual Benefit)