Pension Calculation

Estimated Monthly Retirement Benefits at Age 65 (with CPP Integration)

Vested members receive benefits calculated using the following formula. 

2% x Best Average Earnings x Years of Service
Less
CPP Benefit (0.7% x AMPE x Years of Service)

Best Average Earnings: Average of six best consecutive years of service. 
Years of Service: Total number of years and portion of a year for which contributions were made. 
AMPE: Average of YMPE in year of retirement or termination and YMPE of 2 prior years. 2023 AMPE: $64,366.67
 

Estimated Retirement at 65

Estimated Monthly Retirement Benefits at Age 60

Vested members with more than 5 years of continuous service are eligible for unreduced retirement at age 60. Benefits are calculated using the following formula: 

2% x Best Average Earnings x Years of Service

Best Average Earnings: Average of six best consecutive years of service. 
Years of Service: Total number of years and portion of a year for which contributions were made. 

Estimated Retirement at 60

 

These examples are for estimate purposes only and actual figures may vary.  

 

Upon request, NEBS can provide pension estimates for members who are starting to plan their retirement. Please contact our office for a pension estimate.