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NYCERS Pension Formula:
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The NYCERS (New York City Employees' Retirement System) Pension Payment Calculator estimates the annual pension benefit for Tier 6 members based on years of service and final average salary. This calculator uses the standard Tier 6 pension formula to provide retirement benefit projections.
The calculator uses the NYCERS Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension benefit by multiplying 1.67% (the Tier 6 pension factor) by the total years of service and the final average salary.
Details: Accurate pension calculation is essential for retirement planning, financial security assessment, and understanding future income streams for NYCERS Tier 6 members.
Tips: Enter years of service (including partial years as decimals) and final average salary in USD. Both values must be positive numbers to calculate the pension benefit.
Q1: What is NYCERS Tier 6?
A: Tier 6 is the pension tier for NYC employees who joined NYCERS on or after April 1, 2012, with different benefit structure than previous tiers.
Q2: How is Final Average Salary (FAS) calculated?
A: For Tier 6 members, FAS is typically the average of the five highest consecutive years of salary, though specific rules may apply.
Q3: Are there minimum service requirements?
A: Yes, Tier 6 members generally need 10 years of service to be eligible for a pension, with some exceptions.
Q4: Can I include partial years of service?
A: Yes, partial years can be entered as decimals (e.g., 25.5 years for 25 years and 6 months).
Q5: Is this calculation guaranteed?
A: This calculator provides estimates. Actual benefits may vary based on specific circumstances, service credits, and NYCERS regulations.