Revised Pension Estimate for Rep. Mark Cohen

Posted by By at 29 April, at 23 : 09 PM Print

FOR IMMEDIATE RELEASE

April 29, 2016

Revised Pension Estimate for Rep. Mark Cohen

Rock the Capital learned last night that the formula used to project Mr. Cohen’s pension used a 1.25% multiplier rather than a 1.5% multiplier.

Rep. Mark Cohen (D-Philadelphia) will qualify for a pension benefit of 3% (2% X 1.5) of Final Average Pay times Years of Service given as a Class D-4 SERS member. The estimated projected annual annuity for Rep. Mark Cohen based on the data below:

 

41.975 x 3.0% x $95,203.21 = $119,884

Mr. Cohen’s current salary is $85,356 per year which allows Mr. Cohen to increase his compensation in retirement.

The SERS calculation for legislators is based on Act 9 (2001) using 2% x 1.5 multiplier x final average salary x years of credited service. This calculation simplifies it to 3.0% x final average salary x years of accredited service.

This estimate does not factor in the December 1, 2016 COLA, assumes that Mr. Cohen will not take a lump sum distribution, and in no way represents the final calculations that SERS will prepare after Mr. Cohen’s retirement.

This post was written by:
- who has written 393 posts for Rock The Capital
Eric J. Epstein is RocktheCapital‘s coordinator and a community advocate for good government for over 25 years. Mr. Epstein is also Chairman of the Three Mile Island Alert, Inc., a safe-energy organization founded in 1977; President of EFMR Monitoring Group, Inc., a non-profit economic development corporation established in 1977, and Chairman of the Stray Winds Area Neighbors (SWAN), a smart growth association organized in 2005. Mr. Epstein was a Visiting Assistant Professor of Humanities at PSU-Harrisburg (1992-1999) and co-authored the Dictionary of the Holocaust, which was released by Greenwood Press (1997) - Email Eric Epstein

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