Nebraska School Plan Calculator: How to Use It
This calculator covers the NPERS School Employees Retirement System, a defined benefit plan. Your tier, set by when you joined, changes your FAMC window, your Rule of 85 minimum age and your COLA cap.
What this calculator does
It multiplies 2% by your projected service and your monthly FAMC, then checks normal retirement at 65, the Rule of 85 at your tier's minimum age, and reduced retirement from 60 at 3% a year under 65.
What each input means
School Plan tier
Tier 1 before July 1, 2013; Tier 2 to June 30, 2017; Tier 3 to June 30, 2018; Tier 4 after.
Years of service
Creditable service today. The calculator adds a year for each year you keep working.
Final average compensation
Enter the annual average of your highest three (Tier 1) or five (Tiers 2-4) 12-month periods. The calculator divides by 12.
Planned retirement age
Your attained age when the benefit starts. Partial years count for both the Rule of 85 and the reduction.
Reading the result
A Tier 1 member at 60 with 20 years has 80 points, short of 85, so the 15% cut applies. At 62 and 6 months they reach 85 and retire unreduced. A Tier 4 member at 58 with 30 years has 88 points but can't use the Rule of 85 until 60.
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Frequently asked questions
Can I use this for the State or County plan?
No. Those are cash balance plans. Your benefit there depends on your account balance and annuity rates, not a 2% formula.
Can I retire at 55 with a reduced benefit?
No. Before 60 the only way out is the Rule of 85 (from 55 for Tiers 1-3). Reduced retirement starts at 60.
Why does Tier 4 differ?
Members who joined on or after July 1, 2018 can use the Rule of 85 only from age 60.
Does the calculator include the COLA?
It shows the cap (2.5% for Tier 1, 1.0% for Tiers 2-4) but leaves it out of the totals.