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Retirement Pay Calculator


Hawkfan12

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Hello all, hoping to find some exact calculators/formulas (not 'estimated') for how the multiplier is calculated.

 

I recently retired with 23 years, 11 months, 28 days of service.

I just received a calculation sheet that shows my multiplier as 23.92 years.

I'm failing to calculate how 11 months and 28 days (2 days shy of a year) equates to .92 of a year.

If I calculate the partial year as 11 months + 28/30 days, then the partial year equals .9941.

If I calculate it as 363/365 days, it's even higher at .9945

 

Does anyone know where I can find out HOW the partial year/month is calculated?

 

BTW - It's only a difference of 12-13 dollars.....however, it's the point.

 

 

Thank you,

Jay

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I believe they use full months so 11 out of 12 months is .916666666666666666666666666666666666666666666666666

 

Edit:

 

Ron & Linda, the forum often hides it when you use the New Content button to find posts but this is in the Veterans forum so I'm guessing military.

 

Jay, that is why I retired on the 2nd of the month, minimal wasted days!

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