1. What is the NYS Retirement Benefits Calculator?

The NYS Retirement Benefits Calculator estimates pension benefits for Tier 6 members of the New York State Retirement System. It calculates annual pension based on years of service and final average earnings using the standard Tier 6 formula.

2. How Does the Calculator Work?

The calculator uses the NYS Tier 6 pension formula:

Where:

• \( Pension \) — Annual pension benefit (USD)
• \( YS \) — Years of service (years)
• \( FAE \) — Final average earnings (USD)
• \( 1.66\% \) — Pension multiplier for Tier 6 members

Explanation: This formula applies to Tier 6 members with less than 20 years of service. The calculation represents the annual pension amount payable at retirement.

3. Importance of Pension Calculation

Details: Accurate pension estimation helps NYS employees plan for retirement, understand their future benefits, and make informed decisions about career and financial planning.

4. Using the Calculator

Tips: Enter years of service (decimal values accepted) and final average earnings in USD. For YS ≥ 20 years, different formulas may apply based on specific retirement plans.

5. Frequently Asked Questions (FAQ)

Q1: Who is eligible for Tier 6 benefits?
A: NYS employees who joined the retirement system on or after April 1, 2012, are generally in Tier 6.

Q2: What is Final Average Earnings (FAE)?
A: FAE is typically the average of your highest consecutive earnings over a specified period (usually 3-5 years).

Q3: Does the formula change for YS ≥ 20 years?
A: Yes, different pension formulas and multipliers may apply for members with 20 or more years of service.

Q4: Are there early retirement reductions?
A: Yes, retiring before the full retirement age may result in reduced benefits. Early retirement penalties apply.

Q5: How accurate is this calculator?
A: This provides an estimate. Actual benefits may vary based on specific circumstances, plan variations, and NYS retirement system rules.