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NYS ERS Tier 6 Pension Formula:
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The NYS ERS (New York State Employees' Retirement System) Pension Calculator estimates the annual pension benefit for Tier 6 members based on years of service and final average earnings. It uses the standard Tier 6 pension formula to provide retirement planning guidance.
The calculator uses the NYS ERS Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension by multiplying 1.66% (the pension accrual rate) by the years of service and the final average earnings.
Details: Accurate pension estimation is crucial for retirement planning, financial security assessment, and making informed decisions about retirement timing and post-retirement budgeting.
Tips: Enter years of service (including partial years as decimals) and final average earnings in USD. Final average earnings typically represent the average of the highest consecutive years of salary, usually the last 3-5 years of employment.
Q1: What is NYS ERS Tier 6?
A: Tier 6 is the retirement tier for NYS employees who joined the retirement system on or after April 1, 2012, with different benefit structures than previous tiers.
Q2: What counts as final average earnings?
A: For Tier 6 members, FAE is generally the average of the highest five consecutive years of earnings, though specific rules may apply based on employment type.
Q3: Are there maximum benefit limits?
A: Yes, there are maximum benefit limitations based on years of service and other factors. Consult with NYS ERS for specific limits applicable to your situation.
Q4: Does this include other benefits?
A: This calculation represents the basic pension benefit. Additional benefits like cost-of-living adjustments, health insurance, and other post-retirement benefits are separate.
Q5: How accurate is this calculator?
A: This provides an estimate based on the standard formula. Actual benefits may vary based on specific circumstances, service credits, and other factors. Always verify with official NYS ERS calculations.