1. What is the NYS Tier 6 Pension Formula?

The NYS Tier 6 pension formula calculates the annual pension benefit for New York State employees with less than 20 years of service. It uses a multiplier of 1.66% applied to years of service and final average earnings.

2. How Does the Calculator Work?

The calculator uses the NYS Tier 6 pension formula:

Where:

• \( YS \) — Years of Service (must be less than 20 years)
• \( FAE \) — Final Average Earnings (USD)
• \( 1.66\% \) — Pension multiplier for Tier 6 members

Explanation: The formula calculates the annual pension amount by multiplying 1.66% by the total years of service and the final average earnings.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps New York State employees plan for retirement, understand their future 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: Who is eligible for Tier 6 pension benefits?
A: NYS Tier 6 applies to New York State employees who joined the retirement system on or after April 1, 2012.

Q2: What happens if I have 20 or more years of service?
A: For 20 or more years of service, different pension formulas apply with potentially higher multipliers.

Q3: How is Final Average Earnings calculated?
A: FAE is typically based on the average of the highest consecutive earnings over a specific period (usually 3-5 years).

Q4: Are there other factors that affect my pension?
A: Yes, factors like retirement age, service credit purchases, and special retirement plans may affect final pension amounts.

Q5: Is this calculator applicable to all NYS employees?
A: This calculator is specifically for NYS Tier 6 members with less than 20 years of service. Different tiers have different formulas.