Official, or Disability retirements; however, you cannot receive a distribution of additional contributions until a LDIP is received. Example If the last day in pay is August 2, the effective date of retirement is September 1. The last day you are physically at work is your “separation date”. This date is used when INPRS calculates your monthly pension benefit. 7.3 Retirement Benefit Payment Dates st Your pension benefit payment date is the 1 of the month. For example, if your retirement date is July 1st, st st your pension benefit payment date will begin on August 1 . If the 1 falls on a weekend or holiday, your payment will be dated the business day. The direct deposit is made on the same day as the payable date. The list of TRF Hybrid Retirement Benefit Payment Dates is available on the INPRS website. 7.4 Calculating A Retirement Pension Benefit Estimate The amount of your monthly pension benefit is based on the following factors and your entries and selections as you create your estimate: • Benefit multiplier. This amount is 1.1 percent (0.011). It is used in the math formula to calculate your monthly pension benefit. • Average annual compensation (yearly salary). This is the average dollar amount of your 5 highest yearly salaries. These are salaries you received working in a covered position. • Years of service. Service credit you earned while working. This may include purchased service credit. • Age at retirement. If you retire early, the amount of your monthly pension benefit will be less. • Retirement option. You will have several options when you retire. The amount of your monthly pension benefit will change for each option. You can calculate a pension benefit estimate using the following: • Manually calculate an estimate using the formula shown in Table worksheet below. • The TRF Retirement Benefit Estimate Calculator available on the INPRS website. • The calculator available by logging into your account online. See Option 1 for instructions to locate this calculator. Table 1: Pension Benefit Calculation Worksheet Example Example You Final average salary $50,000.00 $ Benefit multiplier X 0.011 X 0.011 Pension benefit base amount $550.00 $ Years of service X 30 X Annual pension benefit $16,500.00 $ Monthly pension benefit ÷ 12 ÷ 12 Calculated as an A-1 option (Five Year Certain and Life) $1,375.00 $ Option 1 To use the online calculator, login to your online account at myINPRSretirement.org. Teachers' Retirement Fund Hybrid Plan Member Page 30 of 47 Handbook Effective: 07/01/2024