MercedCERA is a Defined Benefit Plan. As such, the calculation of your lifetime monthly benefit is based on clearly defined factors. These factors are:
The final average salary (FAS) or also referred to as the final average compensation (FAC) is the average monthly salary used by MercedCERA to calculate your retirement benefit.
Ages used in determining retirement allowances are stated in terms of quarter years. You will receive an incremental age adjustment, which slightly increases your benefit for each quarter of a year increase in your age up to age 50 for safety members and age 60 for general members.
Service credit is based on actual hours worked, excluding any overtime. The following types of service credit, if purchased, can count toward a member’s total service credit:
There are several factors that may optimize your monthly retirement benefit.