BackDROP Example
The BackDROP is available to general state employees
in the MSEP and the MSEP 2000. The following example
provides a comparison of four key elements regarding
your BackDROP election:
- total service
- final average pay
- total monthly benefit
- lump sum payment
The example reflects the benefit for a member electing
the Life Income Annuity benefit payment option in the
MSEP 2000. If a joint and survivor option or guaranteed
payment option is chosen, the monthly benefit would
be reduced accordingly. |
|
Total Service* |
Final Average
Pay |
Monthly Benefit** |
Lump Sum Payment |
No BackDROP
35 yrs 6 mos |
$2,442.96 |
$2,168.13 |
Not Available |
1 year BackDROP
34 yrs 6 mos |
$2,373.31 |
$2,093.59 |
$22,107.38 |
2 year BackDROP
33 yrs 6 mos |
$2,283.92 |
$2,000.88 |
$41,786.39 |
3 year BackDROP
32 yrs 6 mos |
$2,195.91 |
$1,908.86 |
$59,133.78 |
4 year BackDROP
31 yrs 6 mos |
$2,093.04 |
$1,803.60 |
$73,674.47 |
5 year BackDROP
30 yrs 6 mos |
$2,002.37 |
$1,708.73 |
$86,288.76 |
*Includes unused sick leave.
**Includes a temporary benefit which stops at age 62.
|
