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Old Today, 03:50 PM
 
Location: Greenville, SC
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"The sum of the Compensation in the five complete calendar years beginning after December 31, 1965 that produces the highest total, divided by 60(provided however that solely for purposes of this sum, short-term executive incentive compensation is included in the year paid not the year earned); or the monthly average of your Compensation for the 60 consecutive highest-paid calendar months out of the 120 calendar months immediately preceding your Termination of Service." -- Honeywell
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Old Today, 07:56 PM
 
Location: Buckeye, Arizona
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My wife and I, both teachers, have our Iowa pension calculated in 2011 and 2013 respectively as 60-65% of the high three year average. Based on the fact that none of the top three years can be more than 128% of the 4th highest year. For example, if our salaries were the following:

4th Highest year -- $80,000
3rd Highest year -- $82,000
2nd Highest year -- $85,000
1st highest Year -- $92,000

128% of $80,000 is $102,400 so all the years are good to go for the high three average. of $86,333 x 65% = $56,116 is the annual pension. if the highest year was $105,000 it would be lowered to the max of $102,400 for the calculation.

The 60-65% is determined by the number of years in the system. 30 years x 2% = 60% after 30 years you can add 1% for each year up to 35 years maximum or 65%.
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