Retirement Calculator

 
 
  You need to read and accept the disclaimer to continue
 
Overview
 
Pension Benefit Estimator
Welcome to the Pension Benefit Estimator! The Pension Benefit Estimator is an easy to use interactive planning tool that can help you to get an estimate of what your retirement benefits could be. The Estimator can calculate your monthly pension payment, survivorship options and GPS one-time payments and bonus service credits based on the information you enter. All you need to do is follow the prompts and enter your own data. Since the tool depends upon the data you enter, you can try different "what-if" scenarios. If you need an explanation of a term or entry selection, just click on the '?' symbol next to the selection.
NOTE: the use of this tool is totally anonymous and no record of its use is maintained by the ERS. The estimates calculated DO NOT represent an official ERS estimate.

Member's Handbook
The rules and calculations needed to determine a calculation are described in much greater detail in the Member's Handbook.
Please refer to this document to answer any questions you may have regarding how pension's are calculated.
 
What The Pension Benefit Estimator Can and Cannot Do
 
The Web-Based Estimator CAN….
  1. Determine eligibility for an annuity benefit.
  2. Estimate the maximum annuity for members.
  3. Estimate survivorship options, regardless of whether the survivor is the member’s spouse.
  4. Determine eligibility for GPS lump sum benefits.
  5. Estimate GPS lump sum benefits for members.
  6. Define ERS terms for members.
  7. List eligibility rules for retirement.
  8. Calculate estimates for three retirement types: Service, Early and Deferred.
  9. Estimate benefits for GPS consenters and non-consenters.
  10. Estimate benefits regardless of membership status on January 1, 2000.
  11. Estimate benefits for persons with breaks in service if total creditable service is entered.
The Web-Based Estimator CANNOT….
  1. Produce accurate results for the following groups of members:
    1. Members that have State or County service.
    2. Members that have prior seasonal service.
    3. Members that qualify for military service credit.
    4. Members with some combination of police, fire, general city and elected official service.
  2. Calculate the amount in member’s annuity account.
  3. Calculate the lump sum withdrawal option amount.
  4. Calculate death benefits.
  5. Calculate Social Security advance.
  6. Calculate Disability or Involuntary Separation retirement benefits.
 
Read And Accept The Disclaimer
  Disclaimer
The Retirement Benefit Estimator is a planning tool that provides you with an unofficial estimate of your monthly and lump sum benefits at retirement. This is not an official ERS estimate and ERS is not bound by the results. In the event of a conflict between the Retirement Benefit Estimator projections and the official ERS benefit calculation, ERS’ official benefit calculations will govern. The benefit you receive from ERS is and will be determined pursuant to the provisions of Chapter 36 of the Milwaukee City Charter, the Rules and Regulations of the Annuity and Pension Board, and applicable legal opinions. The results presented by the tool should only be used as a guideline for your personal retirement planning

 

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