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NYS Tier 6 Pension Formula (Less than 20 years):
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The NYS Tier 6 Pension Calculator estimates the annual pension benefit for New York State employees with less than 20 years of service under the Tier 6 retirement plan. It uses the standard Tier 6 formula for service under 20 years.
The calculator uses the NYS Tier 6 pension formula:
Where:
Explanation: The formula calculates the annual pension benefit by multiplying the pension multiplier (1.66%) by the years of service and the final average earnings.
Details: Accurate pension calculation is essential for retirement planning, financial security assessment, and understanding future income streams for NYS employees under Tier 6.
Tips: Enter years of service (must be less than 20 years) and final average earnings in USD. The calculator is specifically designed for Tier 6 members with less than 20 years of service.
Q1: Who is eligible for Tier 6 pension calculation?
A: NYS employees who joined the retirement system on or after April 1, 2012, and have less than 20 years of service.
Q2: What is Final Average Earnings (FAE)?
A: FAE is the average of your highest 5 consecutive years' salary, which is used to calculate your pension benefit.
Q3: What happens if I have more than 20 years of service?
A: For service beyond 20 years, different pension formulas apply. This calculator is specifically for less than 20 years of service.
Q4: Are there any age requirements for Tier 6 pension?
A: Yes, Tier 6 members have different retirement age requirements based on years of service. This calculator focuses on the benefit calculation only.
Q5: Is this calculation guaranteed?
A: This provides an estimate. Actual pension benefits are determined by NYSLRS based on official records and may vary.