Teachers retirement calculations

A member's normal contributions to the retirement annuity fund
are made through payroll deductions. Various factors, including the
member's age on the date of enrollment in the system, the date of
enrollment in the system, and whether the type of work he performs
has been classified as "physically-taxing" or "non-physically-taxing,"
determine his rate of contribution. Such rate is then applied against
his gross earnings in order to determine his actual contribution.
A member's age is computed to his closest ages &'Q-3 24 years,
6 months = 25 years; 24 years 5 months, 29 days = 24 years. Thirty
CZO) days is assumed to be equal to 1 month.
The table below represents, in a condensed form, contribution
rates for members of a retirement system according to age, date of
enrollment in the system, and whether the position is "physically-
taxing" or"non-physically-taxing." Following the table is a list of
selected positions which have been classified as "physically-taxing. "
CONTRIBUTION RATE TABLE
Age on
Date of
Enroll-
.ment
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Yearly Rates for Non-
Physically-Taxing Positions
.Enrollment
Prior to 1/1/66
7.55
7.20
6.90
6.65
' 6.45 •
6.25
6.10
6.00
5.90
5.80
5.75
5.65
5.60
5.40
5.25
5.05
4.90
4.75
Enrollment
After 1/1/66
8.15
7.80
7.45
7.20
6.95
6.75
6.60
6.50
6.40
6.30
6.20
6.15
6.05
5.85
5.65
5.50
5.30
5.15
Yearly Rates for
Physically-Taxing Positions
Enrollment
Prior to 1/1/66
8.35
7.95
7.65
7.35
7.10
6.95
6.75
6.65
6.40
6.20
6.00
5.80
5.60
5.40
5.25
5.05
4.90
4.75
Enrollment
After 1/1/66
9.00
8.60
8.25
7.90
7.65
7.45
7.30
7.15
6.90
6.70
6.45
6.25
6.05
5.85
5.65
5.50
5.30
5.15
2 (#1)
List of Selected Physically-Taxing Positions
Able Seaman
Asphalt Worker
Auto Machinist
Auto Mechanic
Bricklayer
Cement Mason
Climber and Pruner
Deckhand
Deputy Sheriff
Electrician
Elevator Mechanic
Exterminator
Gardener
Glazier
Handyman
Laborer
Plumber
Sign Painter
Stockman
Welder
Window Cleaner
1. An employee who enrolled in the system at age 26 in 1967
as an Elevator Operator pays a pension rate of
A. 5.90% B. 6.40% C. 6.90%' D. 7.15
2. A Motorman earning $16,000 per annum who enrolled in the
system in 1973 at age 34 has pension deductions which
total, on an annual basis,
A. $784.00 B. $808.00 C. $848.00 D. $880.00
3. If a Gardener's salary is $235.00 per week and he enrolled
in the system at age 21 in 1984, his contribution for the
year is MOST NEARLY
A. $879.84 B. $898,17 C. $934.83 D. $965.38
4. A Statistician who earns a bi-weekly salary of $295.00,
who enrolled in the system on October 12, 1984, and whose
date of birth is February 15, 1963, makes a bi-weekly
pension contribution in the amount of
A. $15.49 B. $16.22 C. $16.67 D. $17.27
5. A Stockman who enrolled in the system on August 6, 1982,
whose date of birth is April 25, 1958 and who earns
$183.00 per week, makes an annual pension contribution of
MOST NEARLY
A. $628.06 B. $642.33 C. $694.67 D. $708.94
1.