Carmen is a teacher in the district who began working there in 1995 and will retire in 2010 after 15 years of service. In the 2007-08 school year, she made $60,000. She received a 2% cost of living pay increase to her salary for each of the last two years before she retired. Determine her monthly pension.
First 15 years of service Service in Excess of 15 years
2.12% multiplier ................................................ 2.25% multiplier
Years of service up to 15 ..................... years of service in excess of 15
Average of final 3 annual salaries .......... Average of final 3 annual salaries