1. What is the NYS Comptroller Pension Calculator?

The NYS Comptroller Pension Calculator estimates retirement benefits for New York State employees using the standard pension formula. It calculates annual pension based on final average earnings and years of service.

2. How Does the Calculator Work?

The calculator uses the NYS pension formula:

Where:

• \( FAE \) — Final Average Earnings (USD)
• \( YS \) — Years of Service (years)
• \( 1.66\% \) — Service percentage per year
• \( 20 \) — Maximum years for 1.66% calculation

Explanation: The formula calculates pension as a percentage of final average earnings based on years of service, with a maximum of 20 years at 1.66% per year.

3. Importance of Pension Calculation

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

4. Using the Calculator

Tips: Enter final average earnings in USD and years of service. The calculator automatically applies the 1.66% rate for up to 20 years of service.

5. Frequently Asked Questions (FAQ)

Q1: What is Final Average Earnings (FAE)?
A: FAE typically represents the average of your highest consecutive earnings over a specified period (usually 3-5 years) before retirement.

Q2: How is years of service calculated?
A: Years of service include all credited service time worked for NYS, including full-time, part-time, and purchased service credit.

Q3: What happens if I have more than 20 years of service?
A: The calculator uses 1.66% for the first 20 years. Additional years may have different rates depending on your specific retirement plan.

Q4: Are there other factors that affect my pension?
A: Yes, factors like retirement age, tier membership, and special retirement plans can affect your final pension amount.

Q5: Is this calculator official?
A: This is an estimation tool. For exact pension calculations, consult with the NYS Retirement System or your benefits administrator.