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New York State Employee Retirement Formula:
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The New York State Employee Retirement System provides pension benefits for state employees under Tier 6. This calculator estimates the annual pension for employees with less than 20 years of service using the standard Tier 6 formula.
The calculator uses the Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension benefit by multiplying the pension multiplier (1.66%) by the years of service and final average earnings.
Details: Accurate pension estimation helps state employees plan for retirement, understand their future benefits, and make informed decisions about their career and retirement timing.
Tips: Enter years of service (must be less than 20) and final average earnings in USD. Both values must be positive numbers. The calculator is specifically designed for Tier 6 employees with less than 20 years of service.
Q1: Who is eligible for Tier 6 pension benefits?
A: New York State employees who joined the retirement system on or after April 1, 2012, are in Tier 6.
Q2: What is Final Average Earnings (FAE)?
A: FAE is typically the average of your highest consecutive earnings over a specified period (usually 3-5 years) before retirement.
Q3: What happens if I have more than 20 years of service?
A: For service beyond 20 years, different pension formulas may apply. This calculator is specifically for employees with less than 20 years of service.
Q4: Are there other factors that affect my pension?
A: Yes, factors like retirement age, service credit purchases, and special retirement plans may affect your final pension amount.
Q5: Is this calculator official?
A: This is an estimation tool. For official pension calculations, consult with the New York State Retirement System.