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New York State Tier 6 Pension Formula:
Where YS < 20 years of service
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The New York State Tier 6 pension is a retirement benefit plan for public employees in New York State. It calculates annual pension based on years of service and final average earnings using a specific formula for members with less than 20 years of service.
The calculator uses the New York State Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension amount by multiplying 1.66% by the years of service and the final average earnings. This applies specifically to Tier 6 members with less than 20 years of service.
Details: Accurate pension calculation is essential for retirement planning, financial security, and understanding future income streams for New York State public employees.
Tips: Enter years of service (must be less than 20 years) and final average earnings in USD. Both values must be positive numbers to calculate the pension amount.
Q1: Who is eligible for Tier 6 pension?
A: New York State public employees who joined the retirement system on or after April 1, 2012, are generally in Tier 6.
Q2: What happens if I have more than 20 years of service?
A: For 20 or more years of service, different pension formulas apply with potentially higher multipliers. This calculator is specifically for less than 20 years.
Q3: How is Final Average Earnings calculated?
A: FAE is typically based on the average of your highest consecutive earnings over a specific period (usually 3-5 years) before retirement.
Q4: Are there other factors that affect pension amount?
A: Yes, factors like retirement age, service credit purchases, and special retirement plans may affect the final pension calculation.
Q5: Is this calculator official?
A: This is an estimation tool. For exact pension calculations, consult with the New York State Retirement System or your benefits administrator.