Zhejiang Province, abbreviated as Zhe or Dian in Chinese, is located in the coastal area of southeast China. It covers an area of over 100,000 square kilometers, and has a population of 46.02 million. The capital city of Zhejiang Province is Hangzhou.
Sample formula annuity calculation for a teacher age 57, with final average monthly earnings of $3,250 and 25 years of WRS service (14 years before 2000, 11 years after 1999): Sample money purchase annuity calculation for the same age 57 teacher, who has a money purchase balance of $220,000:
Max benefit 2.5% at Age 67 Min benfit 1.10% at Age 52 with 5 years vested service 6% Employee contribution 11.417% Employer contribution Note: Reduced benefit formulas and increased retirement age provisions under PEPRA create new defined benefit formulas for all new miscellaneous (non-safety) and safety members. Benefit Formulas (PEPRA) School Members Formula 2% @ 55 Max benefit 2.5% at Age 63 Min benefit 1.10% at Age 50 with 5 years vested service