1. What is the NYCERS Tier 6 Pension?

The NYCERS (New York City Employees' Retirement System) Tier 6 pension provides retirement benefits for members who joined the system on or after April 1, 2012. The pension calculation is based on years of service and final average salary.

2. How Does the Calculator Work?

The calculator uses the NYCERS Tier 6 pension formula:

Where:

• \( YS \) — Years of Service
• \( FAS \) — Final Average Salary (average of last 5 years' salary)
• \( 1.67\% \) — Pension multiplier for Tier 6 members

Explanation: The formula calculates the annual pension amount by multiplying 1.67% times the years of service times the final average salary.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps NYC employees plan for retirement, understand their future income, and make informed decisions about their career and retirement timing.

4. Using the Calculator

Tips: Enter years of service (including partial years as decimals) and final average salary in USD. The final average salary should be the average of your highest 5 consecutive years of earnings.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum years of service credit?
A: There is no maximum years of service credit, but benefits may be subject to IRS limitations for highly compensated employees.

Q2: When can I retire with full benefits?
A: Tier 6 members can retire at age 63 with 10+ years of service, or at age 55 with 30+ years of service (with reduced benefits).

Q3: How is final average salary calculated?
A: FAS is the average of your wages earned during any 5 consecutive years of service when your earnings were highest.

Q4: Are there cost-of-living adjustments?
A: NYCERS provides cost-of-living adjustments (COLAs) to help pensions keep pace with inflation, subject to certain rules and limitations.

Q5: Can I purchase additional service credit?
A: Yes, you may be eligible to purchase previous service or military service credit, which can increase your pension benefits.