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NYSRS Pension Formula:
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The NYSRS (New York State Retirement System) Pension Calculator estimates the annual pension benefit for Tier 6 members based on final average earnings and years of service. It helps employees plan for retirement by projecting their pension income.
The calculator uses the NYSRS Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension by multiplying the final average earnings by the product of the pension factor and years of service.
Details: Accurate pension estimation is crucial for retirement planning, financial security, and making informed decisions about retirement timing and lifestyle expectations.
Tips: Enter final average earnings in USD and years of service. FAE should represent your highest consecutive earnings period, and YS should reflect your total credited service time.
Q1: What is Tier 6 in NYSRS?
A: Tier 6 refers to the retirement tier for NYSRS members who joined on or after April 1, 2012, with different benefit calculations than previous tiers.
Q2: How is Final Average Earnings calculated?
A: FAE is typically the average of your highest consecutive earnings over a specified period (usually 3-5 years) before retirement.
Q3: Are there different pension factors for different service lengths?
A: Yes, pension factors may vary based on years of service. The 1.66% factor applies to members with less than 20 years of service under Tier 6.
Q4: Can I include overtime in Final Average Earnings?
A: Generally yes, but there may be limitations. Overtime and other additional compensation are typically included in FAE calculations.
Q5: When can I retire with full benefits?
A: Full retirement age and service requirements vary. Consult with NYSRS for specific eligibility criteria based on your tier and employment details.