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NYS LRS Pension Formula:
Note: This formula applies when Years of Service (YS) is less than 20 years.
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The NYS LRS (New York State Local Retirement System) Pension Calculator estimates the annual pension benefit for Tier 6 members with less than 20 years of service. It uses the standard pension formula to provide quick retirement planning estimates.
The calculator uses the NYS LRS pension formula:
Where:
Note: This formula applies specifically when years of service is less than 20. Different formulas may apply for service periods of 20 years or more.
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 (must be less than 20 years) and final average earnings in USD. Final average earnings typically represent the average of your highest consecutive earnings over a specified period (usually 3-5 years).
Q1: What is Tier 6 in NYS LRS?
A: Tier 6 refers to the retirement tier for NYS employees who joined the retirement system on or after April 1, 2012, with different benefit calculations than previous tiers.
Q2: What happens if I have 20 or more years of service?
A: Different pension formulas apply for service periods of 20 years or more. Contact NYS LRS for calculations beyond 20 years of service.
Q3: What constitutes Final Average Earnings?
A: FAE is typically the average of your highest consecutive earnings over a 3-5 year period, depending on your specific retirement plan and tier.
Q4: Are there other factors that affect my pension?
A: Yes, factors like retirement age, service credit purchases, and specific plan provisions can affect your final pension amount.
Q5: Is this calculator official?
A: This is an estimation tool. For official pension calculations, consult directly with NYS LRS or your retirement system representative.