I'm thinking about retiring when I am 62 years old. I'm confused on which salaries would be used to figure my retirement. Is it the last 3 yrs of work, the 3 highest salaries, or the 3 highest consecutive salaries?Pay is one part of the three-part formula for general state employees:
Final Average Pay (FAP) x Credited Service x Multiplier = Monthly Base Benefit
Specifically, FAP is the average of your highest 36 full consecutive months of gross pay no matter where in your work history that may fall. Practically speaking, for most, it is during their last three years, but not always. (Note: If you become eligible for and elect the BackDROP* upon retirement, your FAP will be calculated using your MOSERS-covered work history prior to your BackDROP date.)
*BackDROP is available only to general state employees who are members of MSEP & MSEP 2000 and who work at least two years beyond normal retirement eligibility.
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