There
are three ways to figure out your pension benefit, depending on
your start date with the City.
(1)
Members hired prior to 1975
(2)
Members hired 19751987
(3) Members
hired 1988 & later
Note:
All calculations are based on the requirements of age 60 with twenty
years credited service with the City. You can, however, retire at
age 50 with 8 years credited service, but there is a reduction in
your pension. To calculate this reduction, see the
Penalty Box at the bottom of this page.
For any questions about calculating your pension call the Pension
Office at (412) 2552655.
(1) Members hired prior to
1975  Regular Pension (Age 60 with 20 years credited service)
Add your
highest 36 months' salaries over the past 60 months. Use budgeted
salaries and acting time only. Do not include overtime. Divide by
36 to calculate your average monthly salary. Subtract $650.00. Multiply
by 30%. Add answer to $357.50. Increments are earned for each year
of service over 20. Increments are 1% of the average monthly salary
and cannot exceed $100.00. Add increments if applicable. The final
answer is your monthly pension benefit. The Social Security
offset at age 65 does not apply to members of this pension group.
Here is the calculation as an equation.
(Sum of highest 36 monthly salaries in last 60 months)
/ 36  650 x . 3 + 357. 50 = pension without increments.
Example:
Let's say the sum of your highest 36 month salaries is 127,000.
Divide this sum by 36 to make 3,527.78. Subtract $650.00.
Then multiply this number by .3 to make 1,058.33. Add
357.50 to this total to make 1, 415.83, which is your total
monthly pension without increments.
If you worked more than twenty years with the City,
you are eligible for increments. Increments are 1% of the
average monthly and cannot exceed $100.00. Example:
Let's say your average monthly salary for your highestpaid
36 months is 3,500. If your service with the City is 22 years,
making you eligible for increments, multiply 3,500 by .02 to make
70.
For any questions about calculating your pension call
the Pension Office at (412) 2552655.
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(2) Members hired 19751987 
Regular Pension (Age 60 with 20 years credited service)*
Add your highest 36 months' salaries over the past 60
months. Use budgeted salaries and acting time only. Do not include
overtime. Divide by 36 to calculate your average monthly salary.
Multiply by 50%. The final answer is your monthly pension benefit
before the Social Security offset at age 65.
Here
is the calculation as an equation.
( Sum of highest 36 monthly salaries in the last 60
months). / 36 x . 5 = your monthly pension
benefit before the Social Security offset at age 65. For information
about the Social Security offset at 65, see our Retirement
Benefits
section.
Example:
Let's say the sum of your highest 36 month salaries is 127,000.
Divide this sum by 36 to make 3,527.78. Multiply this by .5 to make
1,763.89, which is your monthly pension benefit before the social
security offset at age 65. See Retirement
Benefits.
For any questions about calculating your pension call
the Pension Office at (412) 2552655.
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(3) Members hired
1988 & later Regular Pension (Age 60 with 20 years credited
service)*
Add your highest 48 months' salaries. Use budgeted salaries
and acting time only. Do not include overtime. Divide by 48 to calculate
your average monthly salary. Multiply by 50%. The final answer is
your monthly pension benefit before the Social Security offset at
age 65.
(Sum of highest 48 months' salaries) / 48 x . 50 = your monthly
pension benefit before the Social Security offset at age 65.
For information about the Social Security offset at 65,
see our Retirement
Benefits
section.
Example:
Let's say the sum of your highest 48 month salaries is 127,000.
Divide this sum by 48 to make 2,645.83. Multiply this by .5 to make
1,322.91, which is your monthly pension benefit before the Social
Security offset at age 65. See Retirement
Benefits.
For any questions about calculating your pension call
the Pension Office at (412) 2552655.
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PENALTY BOX
You can retire with a minimum of age 50 with 8 years credited service.
To calculate the reduction for age reduce the benefit 1/2 percent
for each month you are short attainment of age 60. (For example
6% reduction per year) To calculate the reduction for service prorate
the number of months' credited service over 240 months. (For example,
for 10 years credited service, the benefit would be reduced one
half).
PENALTY CALCULATION FOR AGE FOR MEMBERS HIRED PRIOR TO 1975
WITH 25 YEARS SERVICE: Apply the age penalty to the excess of
$650.00 multiplied by 30%. Add answer to $357.50. Add increments.
This results in a reduced penalty for members in this category.
For any questions about calculating your pension call the Pension
Office at (412) 2552655.
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