New Career Plan
For ERS Tier 1 Members
(Sections 75-h and 75-i)
Your pension is based on your years of credited service and your final average salary (FAS). FAS is the average of the wages you earned during any 36 consecutive months of service when your earnings were highest. This is usually the last three years of employment.
The calculation of your FAS can include, but is not limited to, the following types of payments. In some cases, certain restrictions may apply.
- Regular salary;
- Overtime earned in the period used in the FAS;
- Holiday pay;
- Noncompensatory overtime earned for each year in the FAS period;
- Longevity payments (maximum of three), if earned in the years used in the FAS calculation; and
- Payment for up to 30 days of accumulated unused vacation if your date of membership is before April 1, 1972, and if your FAS is based on the 36 months of earnings immediately preceding your retirement.
The following types of payments are not considered regular compensation and, in most cases, will not be included in your FAS calculation:
- Unused sick leave;
- Payments made as a result of having worked your vacation;
- Any form of termination pay;
- Payments made in anticipation of retirement;
- Lump sum payments for deferred compensation; and
- Any payments made for time not worked.