1. What is the NYCERS Tier 6 Pension?

The NYCERS (New York City Employees' Retirement System) Tier 6 pension is a retirement benefit plan for New York City employees hired after April 1, 2012. It provides a defined benefit 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:

• \( Pension \) — Annual pension amount (USD)
• \( YS \) — Years of service
• \( FAS \) — Final average salary (USD)
• \( 1.67\% \) — Pension multiplier for Tier 6 members

Explanation: The formula calculates the annual pension benefit by multiplying 1.67% (the pension factor) by the years of service and the final average salary.

3. Importance of Pension Calculation

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

4. Using the Calculator

Tips: Enter years of service (including partial years) and final average salary in USD. Final average salary is typically based on the highest consecutive years of earnings.

5. Frequently Asked Questions (FAQ)

Q1: Who is eligible for NYCERS Tier 6?
A: NYC employees hired on or after April 1, 2012 are generally in Tier 6, with some exceptions for previous membership.

Q2: What is Final Average Salary (FAS)?
A: FAS is typically the average of the highest consecutive years of salary, usually the last 3-5 years of employment.

Q3: Are there minimum service requirements?
A: Yes, Tier 6 members generally need 10 years of service to be vested and eligible for a pension benefit.

Q4: Can I retire early under Tier 6?
A: Early retirement is possible but may result in reduced benefits. Normal retirement age is 63 for most Tier 6 members.

Q5: Are there other factors that affect the pension?
A: Yes, factors like early retirement reductions, disability benefits, and survivor options can affect the final pension amount.