1. What is the NYS Retirement System?

The NYS Retirement System provides retirement benefits for public employees in New York State. This calculator estimates the annual pension for Tier 6 members with less than 20 years of service using the standard formula.

2. How Does the Calculator Work?

The calculator uses the NYS Retirement System formula:

Where:

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

Explanation: The formula calculates the annual pension benefit based on years of service and final average earnings, with a 1.66% multiplier for each year of service.

3. Importance of Pension Calculation

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

4. Using the Calculator

Tips: Enter years of service (must be less than 20 years) and final average earnings in USD. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Tier 6 in NYS Retirement System?
A: Tier 6 refers to employees who joined the NYS Retirement System on or after April 1, 2012, with different benefit calculations than previous tiers.

Q2: What happens if years of service exceed 20?
A: This calculator is designed for YS < 20. For 20+ years of service, different formulas and multipliers apply.

Q3: How is final average earnings calculated?
A: FAE is typically the average of the highest consecutive 3 or 5 years of earnings, depending on your retirement plan.

Q4: Are there other factors that affect pension?
A: Yes, factors like retirement age, service credit, and special retirement plans can affect the final pension amount.

Q5: Is this calculation guaranteed?
A: This is an estimate. Actual benefits are determined by the NYS Retirement System based on official records and regulations.