T4 T5 T6 T7
Retirement Earnings Calculation        
2003 State Pay (maximum experience) 42,735.00 49,145.00 55,533.00 61,641.00
2003 Local Pay 1,808.33 2,079.67 2,349.98 2,608.39
Total Pay 44,543.33 51,224.67 57,882.98 64,249.39
         
2002 State Pay (maximum experience) 41,390.00 47,599.00 53,789.00 59,703.00
2002 Local Pay 1,808.33 2,079.67 2,349.98 2,608.39
Total Pay 43,198.33 49,678.67 56,138.98 62,311.39
         
Total of Two Highest Years 87,741.66 100,903.34 114,021.96 126,560.78
Divided by 2 2.00 2.00 2.00 2.00
Average of Two Highest Years 43,870.83 50,451.67 57,010.98 63,280.39
Times .6 (60%) 0.60 0.60 0.60 0.60
60% Retirement Earnings 26,322.50 30,271.00 34,206.59 37,968.23
         
Comparison of Monthly Take Home Earnings (*) & (**)        
Monthly Gross Earnings (Teaching) 3,711.94 4,268.72 4,823.58 5,354.12
Less:         
Federal Taxes (est. married joint with one exempt) -297.00 -369.00 -441.00 -513.00
State Taxes (est. married joint with one exempt) -155.37 -187.23 -214.41 -241.05
FICA -272.43 -315.02 -357.47 -398.06
TRS -185.60 -213.44 -241.18 -267.71
Group Health Insurance (Family SPPO) -150.78 -150.78 -150.78 -150.78
Net Pay (Teaching) 2,650.77 3,033.25 3,418.74 3,783.52
         
Monthly Gross Earnings (Retired) 2,193.54 2,522.58 2,850.55 3,164.02
Tax Adjustment (3%) 109.68 126.13 142.53 158.20
Less:        
Federal Taxes (est. married joint with one exempt) -153.00 -207.00 -261.00 -309.00
State Taxes (est. married joint with one exempt) -97.83 -118.65 -139.17 -159.39
FICA 0.00 0.00 0.00 0.00
TRS 0.00 0.00 0.00 0.00
Group Health Insurance (Family SPPO) -150.78 -150.78 -150.78 -150.78
Net Pay (Retired) 1,901.61 2,172.28 2,442.13 2,703.05
         
Difference 749.16 860.97 976.62 1,080.47
         
(*) - Comparison of take home will differ by individual depending on their federal income
tax filing status, deferred compensation withholdings, spending accounts or other deductions
which affect withholdings and taxes. This comparison is based on an individual without these
withholdings.
 
(**) - Comparison does not take into account and adjustment for unused sick leave credit.
This credit, if applicable, will increase the gross retirement earnings by 2% for every 180
days of unused sick leave or a portion thereof.
 
THIS IS AN ESTIMATE ONLY AND SHOULD BE USED AS SUCH, IT IS IMPOSSIBLE TO ACCURATELY CALCULATE ALL POSSIBILITIES OF DEDUCTIONS, FEDERAL AND STATE TAX FILING STATUS, AND WITHHOLDINGS THAT WILL AFFECT THIS CALCULATION.  PLEASE CONSULT TEACHER'S RETIREMENT FOR YOUR INDIVIDUAL CALCULATION.

Last Updated on 10/9/02
By Gary Kelley