1. What is the NYS Retirement Pension Calculator?

The NYS Retirement Pension Calculator projects your annual pension benefit using the standard formula: Pension = Projected FAE × Tier Multiplier × Projected YS. This helps New York State employees estimate their retirement benefits.

2. How Does the Calculator Work?

The calculator uses the NYS retirement formula:

Where:

• Projected FAE — Final Average Earnings (USD)
• Tier Multiplier — Percentage based on your retirement tier (%)
• Projected YS — Years of Service (years)

Explanation: The formula calculates your annual pension by multiplying your final average earnings by your tier-specific multiplier and years of service.

3. Importance of Pension Calculation

Details: Accurate pension projection is crucial for retirement planning, helping you understand your future income and make informed decisions about retirement timing and financial preparation.

4. Using the Calculator

Tips: Enter your projected final average earnings in USD, tier multiplier as a percentage, and projected years of service. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Final Average Earnings (FAE)?
A: FAE is typically the average of your highest consecutive earnings over a specific period (usually 3-5 years) before retirement.

Q2: How do I determine my Tier Multiplier?
A: Your tier multiplier depends on your NYS retirement tier and plan. Consult with your retirement system for your specific multiplier.

Q3: What are typical tier multiplier values?
A: Multipliers typically range from 1.5% to 2.5% depending on your tier and retirement plan specifications.

Q4: Can I include overtime in FAE?
A: This depends on your specific retirement plan. Some plans include overtime, while others have limitations.

Q5: How accurate is this projection?
A: This provides an estimate. Actual benefits may vary based on final calculations by the retirement system, including any applicable caps or special provisions.