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Retirement Eligibility Rules Formula

Hello!

I'm trying to figure out a formula to return the date I am able to retire given my birth date and date of hire.

The rule is if your age plus years of service with a minimum of 8 years of service equals 75, you are eligible to retire. 

The formula I'm using is =IF(TODAY()-F17<2922,"Not eligible prior to "&TEXT(F17+(365.25*8),"mm/dd/yyyy"),TEXT((27393.75+F19+F17)/2,"mm/dd/yyyy"))

F17=date of hire

F19= date of birth

The formula above gives me an answer that is a month off.  My date of hire is 06/05/06 and DOB is 10/01/80. The formula above gives me 02/01/2031 as my first date I'm eligible to retire but according to our retirement plan its 01/01/2031.

Any suggestions??

Add a fudge factor.

I'm willing to bet HR is not counting your first month because it is not a full month. I got burned that way, starting on the second day of the month ( I shoulda asked to be signed up end of previous month, and take unpaid "day off"....)

Add a condition, if the start date is not 1, add 1 month to the retirement date

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Question Info

Last updated October 5, 2021 Views 837 Applies to: