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OSGP Estimate Calculator
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Article Content
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| OSGP Estimate Calculator |
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How to use this Web page:
| Select the calculation you wish to use - Future Value of contributions or Benefit calculation. You will need to enter the information (variables) requested in each field. Remember that a change in any variable means a change in outcome.
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Future Value of contributions
| The OSGP allows you to contribute on a pre-tax basis in 2012 a minimum of $25 to a maximum of 100 percent of your income or $17,000 annually, whichever is less. You can contribute an additional $5,500 if you are at least 50 years of age. If you wish to project your account value using different monthly contribution amounts, follow the steps listed below:
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Type the information requested (variables) in each field.
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Press the Calculate button to start the calculation.
Calculating your Future Value of contributions:
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Variables:
| Current Account Balance: Balance from your most recent statement or from the OSGP information line. If you are not in the program, type 0.
Monthly Contribution: Amount deducted from your paycheck for OSGP contribution. If you are not in the program, type the amount you want to contribute.
Return Rate: Whatever rate of return you expect (i.e., if you wish to use 8 percent type 8).
Proposed Retirement Date: The date you want to stop working (and stop making contributions).
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Outcomes:
| The program will calculate the projected value of your contributions at your proposed retirement date.
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Benefit calculation
| The OSGP pays out in several ways. This page will allow you to prepare estimates for two of those methods - Specified Dollar Amount and Specified Period of Distribution. In addition, in each of the calculation pages, you will be able to estimate a future account balance. Take the following steps to start your calculation:
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Select the method you want to use.
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Type the information requested (variables) in each field.
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Press the calculate button to start the calculation.
Calculating a Specified Dollar Amount Estimate:
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Variables:
| Current Account Balance: Balance from your most recent statement or from the OSGP information line.
Monthly Contribution: Amount deducted from your paycheck for OSGP contribution.
Return Rate: Whatever rate of return you expect (i.e., if you wish to use 8 percent, type 8).
Termination Date: The date you quit working (and quit making contributions).
Distribution Date: The date you wish to start receiving payments from the OSGP. The distribution date must be at least two months after your termination date.
Desired Monthly Benefit: The specified dollar amount you want to receive for the length of the payout (e.g. $1,500, type 1500).
Your Current Age
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Outcomes:
| The program will calculate your balance at termination and distribution. The program will calculate the estimated time over which you could expect to receive monthly benefits.
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Calculating a Specified Period of Distribution estimate
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| Calculating a Specified Period of Distribution: |
Variables:
| Current Account Balance: Balance from your most recent statement or from the OSGP information line.
Monthly Contribution: Amount deducted from your paycheck for OSGP contribution.
Return Rate: Whatever rate of return you expect (i.e., if you want to use 8 percent, type 8).
Termination Date: The date you quit working (and quit making contributions).
Distribution Date: The date you want to start receiving payments from the OSGP. The distribution date must be at least two months after your termination date.
Desired Years of Distribution: Type the number of years you want to receive benefits. (Please note that this calculation provides an annual payment only. However, OSGP offers several frequencies of payment.)
Your current age
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Outcomes:
| The program will calculate your balance at termination and distribution. The program will provide you with a spreadsheet outlining the estimated annual benefit, including the expected earnings.
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