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New York State Retirement Formula:
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The New York State Retirement Calculator estimates the annual pension for Tier 6 members of the New York State Retirement System. It calculates benefits based on years of service and final average earnings using the official Tier 6 formula.
The calculator uses the New York State Tier 6 retirement 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 retirement planning is essential for financial security. Understanding your potential pension benefits helps in making informed decisions about retirement timing and supplemental savings.
Tips: Enter your total years of service and final average earnings (average of your highest consecutive years of earnings). Ensure all values are accurate for the most precise calculation.
Q1: What is Tier 6 in NYS Retirement System?
A: Tier 6 refers to members who joined the New York State Retirement System on or after April 1, 2012, with different benefit calculations than previous tiers.
Q2: How is Final Average Earnings calculated?
A: FAE is typically the average of your highest consecutive years of earnings, usually the last 3-5 years of employment.
Q3: What happens if I have more than 20 years of service?
A: For years of service beyond 20, different multipliers may apply. The calculator adjusts accordingly based on Tier 6 rules.
Q4: When can I retire with full benefits?
A: Full retirement age varies by tier and service years. Tier 6 members typically need to reach age 63 for full benefits.
Q5: Are there early retirement reductions?
A: Yes, retiring before full retirement age may result in benefit reductions. Consult with NYS Retirement System for specific details.