Defined Contribution Account Balance Projection Tool
This simple tool will help you project the account balance you could accumulate by the time you reach the Entitlement Age.
As with any projection - the result will be only as good as your assumptions. There are some built-in checks to prevent unrealistic results, but results that are meaningful to you will depend completely on the quality of your inputs. Specifically, don't project you will earn more Future Service Credit than you actually can. You'll need to know the maximum years of Service Credit that can be allowed in your LOSAP. Up until recently, the maximum was 40 years, but New York State Law was amended to allow sponsors to extend it to 50. The most future years you should be the maximum allowed by your Program (40 or 50) minus the years of Service Credit you have already earned.
Most of the inputs can be found on your Benefit Statement or Plan Summary. Happy projecting!
As with any projection - the result will be only as good as your assumptions. There are some built-in checks to prevent unrealistic results, but results that are meaningful to you will depend completely on the quality of your inputs. Specifically, don't project you will earn more Future Service Credit than you actually can. You'll need to know the maximum years of Service Credit that can be allowed in your LOSAP. Up until recently, the maximum was 40 years, but New York State Law was amended to allow sponsors to extend it to 50. The most future years you should be the maximum allowed by your Program (40 or 50) minus the years of Service Credit you have already earned.
Most of the inputs can be found on your Benefit Statement or Plan Summary. Happy projecting!
