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New York State Retirement System Pension Formula:
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The New York State Retirement System provides retirement benefits for public employees in New York State. Tier 6 members have specific benefit calculations based on years of service and final average earnings.
The calculator uses the Tier 6 pension formula:
Where:
Explanation: This formula calculates the annual pension benefit for Tier 6 members with less than 20 years of service. The pension is based on a percentage of final average earnings multiplied by years of service.
Details: Accurate pension calculation helps public 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 years) and final average earnings in USD. Both values must be positive numbers.
Q1: What is Tier 6 in NYS Retirement System?
A: Tier 6 refers to members who joined the retirement system on or after April 1, 2012, with different benefit calculations than previous tiers.
Q2: What happens if years of service exceed 20?
A: For years of service beyond 20, different pension formulas apply. This calculator is specifically for members with less than 20 years of service.
Q3: How is final average earnings calculated?
A: FAE is typically based on the average of the highest consecutive years of earnings, usually the last 3-5 years of employment.
Q4: Are there other factors that affect pension?
A: Yes, factors like retirement age, employment type, and additional contributions can affect the 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 directly.