Estimate your annual pension benefit from the New Jersey Public Employees' Retirement System (PERS).
(Typically 1.67% for members retiring after June 28, 2011. Check your plan details.)
Estimated Annual Pension Benefit:
$0.00
Understanding Your NJ PERS Pension Calculation
The calculation for your New Jersey Public Employees' Retirement System (PERS) pension benefit is primarily based on three key components:
Years of Service: The total number of creditable years you have contributed to the PERS system.
Final Average Salary (FAS): This is the average of your highest salary earned over a specific period, typically the last 36 or 60 consecutive months of employment, whichever provides the greater benefit. For simplicity, this calculator uses a single value you provide.
Benefit Factor: A percentage that is multiplied by your Years of Service and FAS. For most PERS members who enrolled on or after January 1, 2010, or who elected to join the new plan after May 21, 2010, the standard benefit factor is 1.67%. Older plans may have different factors.
The Calculation Formula:
The basic formula used to estimate your annual pension benefit is:
Annual Pension = (Years of Service) x (Final Average Salary) x (Benefit Factor)
This means the estimated annual pension benefit for this individual would be $37,575.
Important Considerations:
Official Estimates: This calculator provides an estimate only. For your official retirement benefit calculation, always consult the New Jersey Division of Pensions and Benefits.
Plan Types: Different PERS membership types or enrollment dates might have slightly different rules or benefit factors.
Purchase of Service Credits: Any purchased service credits can increase your total years of service.
Retirement Options: This calculator estimates a single-life, non-survivor benefit. Choosing a survivor benefit option will reduce your monthly payment to provide a benefit to a beneficiary after your death.
Pre-Retirement Death Benefit: This calculator does not account for the pre-retirement death benefit.
Use this tool as a guide to understand the general components of your PERS pension and to help with your retirement planning.
function calculatePension() {
var yearsOfServiceInput = document.getElementById("yearsOfService");
var finalAverageSalaryInput = document.getElementById("finalAverageSalary");
var benefitFactorInput = document.getElementById("benefitFactor");
var resultDisplay = document.getElementById("result-value");
var yearsOfService = parseFloat(yearsOfServiceInput.value);
var finalAverageSalary = parseFloat(finalAverageSalaryInput.value);
var benefitFactorPercent = parseFloat(benefitFactorInput.value);
if (isNaN(yearsOfService) || yearsOfService <= 0) {
alert("Please enter a valid number for Years of Service.");
resultDisplay.innerText = "$0.00";
return;
}
if (isNaN(finalAverageSalary) || finalAverageSalary <= 0) {
alert("Please enter a valid number for Final Average Salary.");
resultDisplay.innerText = "$0.00";
return;
}
if (isNaN(benefitFactorPercent) || benefitFactorPercent <= 0) {
alert("Please enter a valid number for Benefit Factor (e.g., 1.67).");
resultDisplay.innerText = "$0.00";
return;
}
// Convert percentage to decimal
var benefitFactorDecimal = benefitFactorPercent / 100;
var annualPension = yearsOfService * finalAverageSalary * benefitFactorDecimal;
// Format the result as currency
resultDisplay.innerText = "$" + annualPension.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}