1. What is the Idaho PERSI Retirement Formula?

The Idaho PERSI (Public Employee Retirement System of Idaho) retirement formula calculates the monthly annuity benefit for public employees based on their average monthly salary and years of service.

2. How Does the Calculator Work?

The calculator uses the Idaho PERSI formula:

Where:

• \( AMS \) — Average Monthly Salary (dollars)
• \( Y \) — Years of Service (years)
• \( 0.02 \) — Multiplier factor (2% per year of service)

Explanation: The formula calculates 2% of the average monthly salary for each year of service, providing the monthly retirement annuity amount.

3. Importance of Retirement Planning

Details: Accurate retirement planning is crucial for public employees to ensure financial security and proper income replacement during retirement years.

4. Using the Calculator

Tips: Enter your average monthly salary in dollars and years of service. All values must be valid (salary > 0, years > 0).

5. Frequently Asked Questions (FAQ)

Q1: What is included in Average Monthly Salary?
A: AMS typically includes base salary plus any regular additional compensation, but excludes one-time payments and overtime.

Q2: Is there a maximum years of service limit?
A: Most retirement systems have maximum service credit limits, typically around 30-35 years.

Q3: When can I start receiving PERSI retirement benefits?
A: Eligibility typically begins at age 65, or earlier with reduced benefits under certain conditions.

Q4: Are cost-of-living adjustments included?
A: Many retirement systems provide COLA adjustments, but these are separate from the base annuity calculation.

Q5: Can I calculate benefits for different retirement dates?
A: Yes, you can calculate multiple scenarios by adjusting years of service and average salary estimates.