Retirement ... A New Beginning - Tennessee Department of Treasury

Sample Calculation
Social Security Leveling Benefit Plan
Assumptions
Member Age 55
Service
30 years
Social Security
Estimated Benefit
at Age 62 $ 800
TCRS Monthly Benefit
Under Regular Plan $ 1,968
AFC $50,000
Examples of SSL Actuarial Factors
Age 54 - .477539
Age 55 - .521739
Age 56 - .570579
Age 57 - .624633
Age 58 - .684559
Age 59 - .751111
Age 60 - .825161
Age 61 - .907727
TCRS Benefit Amount
Estimated Social Security Benefit $ 800
Actuarial Age Factor Based on Age at Retirement x .521739
Subtotal $ 417
TCRS Regular Monthly Benefit + 1,968
Benefit Payable up to Age 62 $ 2,385
Estimated Social Security Benefit at Age 62 - 800
Benefit Payable After Age 62 $ 1,585
Monthly Benefit Amount Before Age 62
Paid from TCRS $ 2,385
Paid from Social Security + 0
Total $ 2,385
Monthly Benefit Amount After Age 62
Paid from TCRS $ 1,585
Paid from Social Security + 800
Total $ 2,385
Note: 1.
This plan is available to any member with Social Security coverage through TCRS
who retires prior to age 62.
2. In order for TCRS to figure this benefit, you must provide TCRS with an estimate
from the Social Security Administration based on retirement at age 62. The Social
Security estimate can not be more than a year older than your date of retirement and
must be stamped or signed by the Social Security Administration. The Social
Security Leveling Plan does not affect your Social Security benefit.
3. In order to start your Social Security benefit, you must file an application with the
Social Security Administration. For information on Social Security, call 1-800-772-1213.
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