A member’s accrued normal retirement benefit shall be determined by multiplying 50% of the member’s final average salary by a fraction whose numerator is the years of service actually earned by the member and whose denominator is the years of service required for the member to reach his superannuation date.
SAMPLE CALCULATION
Actual years of service earned: | 14 |
Years of service required to meet superannuation date: | 30 |
Final average salary: | $1,500 |
Fifty percent of final average salary: | $750 |
14 X $750 | $350 |
30 | |
Accrued normal retirement benefit = | $350 |