Nycers Tier 6 Pension Calculator

NYCERS Tier 6 Pension Formula:

\[ Pension = (35\% \times FAS) \text{ at 20 years} + \text{additional} \]

Annual Pension:

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1. What is NYCERS Tier 6 Pension?

NYCERS (New York City Employees' Retirement System) Tier 6 is a pension plan for NYC employees hired after April 1, 2012. It provides retirement benefits based on final average salary and years of service.

2. How Does the Calculator Work?

The calculator uses the NYCERS Tier 6 pension formula:

\[ Pension = (35\% \times FAS) \text{ at 20 years} + \text{additional} \]

Where:

\( FAS \) — Final Average Salary (average of highest 5 consecutive years)
\( 35\% \) — Base pension percentage at 20 years of service
\( Additional \) — 2% per year beyond 20 years of service

Explanation: For service under 20 years, pension accrues at 1.75% per year. After 20 years, base 35% plus 2% for each additional year.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps NYC employees plan for retirement, understand benefit entitlements, and make informed career decisions.

4. Using the Calculator

Tips: Enter final average salary in USD and years of service. FAS should be the average of your highest 5 consecutive years of earnings.

5. Frequently Asked Questions (FAQ)

Q1: What is Final Average Salary (FAS)?
A: FAS is the average of your highest 5 consecutive years of earnings, which forms the basis for pension calculations.

Q2: When can I retire under Tier 6?
A: Minimum retirement age is 63, or age 55 with 30 years of service. Different rules apply for special plans.

Q3: Are there contribution requirements?
A: Yes, Tier 6 members contribute 3-6% of salary throughout their career, depending on earnings.

Q4: What happens if I have less than 20 years?
A: Pension accrues at 1.75% of FAS per year of service for the first 20 years.

Q5: Are there cost-of-living adjustments?
A: COLA may apply after retirement, but are not guaranteed and subject to specific rules.