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NYS Retirement Pension Formula:
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The NYS Retirement Pension Calculator estimates the annual pension benefit for Tier 6 members of the New York State Retirement System. It uses the standard formula for members with less than 20 years of service.
The calculator uses the NYS Tier 6 pension formula:
Where:
Explanation: The formula calculates 1.66% of final average earnings for each year of service, applicable for members with less than 20 years of service.
Details: Accurate pension estimation is crucial for retirement planning, financial security assessment, and making informed decisions about retirement timing and service credit purchases.
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 years.
Q1: What is Tier 6 in NYS Retirement System?
A: Tier 6 refers to members who joined the NYS Retirement System on or after April 1, 2012, with different benefit structure than previous tiers.
Q2: What happens if I have 20 or more years of service?
A: For 20+ years of service, different pension formulas apply with potentially higher multipliers. This calculator is specifically for members with less than 20 years.
Q3: How is final average earnings calculated?
A: FAE is typically the average of your highest consecutive earnings years, usually the last 3-5 years of employment.
Q4: Are there other factors that affect my pension?
A: Yes, factors like retirement age, service credit purchases, and special retirement plans may affect your final pension amount.
Q5: Is this calculator official?
A: This is an estimation tool. For precise pension calculations, consult with NYS Retirement System representatives and your official retirement plan documents.