NYS Retirement Pension Estimator (Tier 6)
Use this calculator to get an estimated projection of your annual and monthly pension benefits from the New York State and Local Retirement System (NYSLRS) or New York State Teachers' Retirement System (NYSTRS), specifically for Tier 6 members. This tool helps you visualize your potential retirement income based on your current information and future projections.
Understanding Your NYS Retirement Benefits
The New York State and Local Retirement System (NYSLRS) and the New York State Teachers' Retirement System (NYSTRS) provide pension benefits to eligible public employees across New York State. These systems are defined benefit plans, meaning your retirement benefit is determined by a formula, not by investment performance.
Key Factors in Your Pension Calculation:
- Tier: Your tier is determined by your date of membership and significantly impacts your benefits, contribution rates, and retirement eligibility. This calculator focuses on Tier 6, which applies to members who joined on or after April 1, 2012. Tiers 1-5 have different rules.
- Years of Service Credit: This is the total time you've worked in public service and contributed to the retirement system. More service credit generally means a higher pension.
- Final Average Salary (FAS): For Tier 6, your FAS is the average of your highest 5 consecutive years of earnings. This calculator projects your FAS based on your current salary and an assumed growth rate.
- Age at Retirement: Your age at retirement affects whether you can retire without penalty. For Tier 6, the full retirement age is 63. Retiring earlier may result in a reduced benefit.
How Tier 6 Pensions Are Calculated (Simplified):
For Tier 6 members, the annual pension benefit is generally calculated using a formula that combines your years of service credit and your Final Average Salary (FAS). The service credit multiplier for Tier 6 is:
- 1.66% for each of the first 20 years of service.
- 2.00% for each year of service over 20 years.
This percentage is then multiplied by your Final Average Salary to determine your annual pension. For example, if you have 25 years of service and an FAS of $80,000, your pension factor would be (20 * 0.0166) + (5 * 0.02) = 0.332 + 0.10 = 0.432 (or 43.2%). Your annual pension would then be 0.432 * $80,000 = $34,560.
Important Disclaimer:
This calculator provides an estimate only based on the simplified Tier 6 rules and the information you provide. It does not account for all complexities of the NYSLRS or NYSTRS systems, such as specific contribution rates, vesting periods, early retirement reductions, cost-of-living adjustments (COLAs), or other benefit options. For a precise calculation of your benefits, please consult your official annual statement from NYSLRS/NYSTRS or contact them directly.
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function calculateNYSRetirement() {
var currentAge = parseFloat(document.getElementById("currentAge").value);
var desiredRetirementAge = parseFloat(document.getElementById("desiredRetirementAge").value);
var currentServiceYears = parseFloat(document.getElementById("currentServiceYears").value);
var currentAnnualSalary = parseFloat(document.getElementById("currentAnnualSalary").value);
var salaryGrowthRate = parseFloat(document.getElementById("salaryGrowthRate").value) / 100;
// Input validation
if (isNaN(currentAge) || isNaN(desiredRetirementAge) || isNaN(currentServiceYears) || isNaN(currentAnnualSalary) || isNaN(salaryGrowthRate)) {
document.getElementById("result").innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentAge <= 0 || desiredRetirementAge <= 0 || currentServiceYears < 0 || currentAnnualSalary <= 0) {
document.getElementById("result").innerHTML = "Please enter positive values for age, service years, and salary.";
return;
}
if (desiredRetirementAge < currentAge) {
document.getElementById("result").innerHTML = "Desired Retirement Age cannot be less than your Current Age.";
return;
}
if (desiredRetirementAge < 55) { // Minimum retirement age for Tier 6 with 10 years service
document.getElementById("result").innerHTML = "For Tier 6, the earliest retirement age with 10 years of service is 55. Full retirement age is 63.";
return;
}
var yearsToRetire = desiredRetirementAge – currentAge;
var estimatedServiceYearsAtRetirement = currentServiceYears + yearsToRetire;
// Calculate Projected Final Average Salary (FAS)
// For Tier 6, FAS is the average of the highest 5 consecutive years.
// We'll project salary growth up to retirement age and take the average of the last 5 years.
var projectedSalariesAtRetirement = [];
var tempSalary = currentAnnualSalary;
// Project salary for each year from current age up to desired retirement age
for (var i = 0; i = 5) {
// Take the average of the last 5 projected salaries leading up to retirement
var sumLastFiveSalaries = 0;
for (var j = 0; j 0) {
// If fewer than 5 years until retirement, average all available projected salaries
var sumAllSalaries = 0;
for (var k = 0; k < projectedSalariesAtRetirement.length; k++) {
sumAllSalaries += projectedSalariesAtRetirement[k];
}
estimatedFinalAverageSalary = sumAllSalaries / projectedSalariesAtRetirement.length;
} else {
estimatedFinalAverageSalary = currentAnnualSalary; // Fallback if no projection possible (shouldn't happen with validation)
}
// Calculate Estimated Annual Pension (Tier 6 rules)
// For Tier 6:
// 1.66% for each of the first 20 years of service
// 2.00% for each year of service over 20 years
var pensionFactor = 0;
if (estimatedServiceYearsAtRetirement <= 20) {
pensionFactor = estimatedServiceYearsAtRetirement * 0.0166;
} else {
pensionFactor = (20 * 0.0166) + ((estimatedServiceYearsAtRetirement – 20) * 0.02);
}
var estimatedAnnualPension = pensionFactor * estimatedFinalAverageSalary;
var estimatedMonthlyPension = estimatedAnnualPension / 12;
// Display results
var resultHTML = "
Estimated Retirement Benefits (Tier 6)
";
resultHTML += "
Projected Service Years at Retirement: " + estimatedServiceYearsAtRetirement.toFixed(1) + " years";
resultHTML += "
Estimated Final Average Salary (FAS): $" + estimatedFinalAverageSalary.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + "";
resultHTML += "
Estimated Annual Pension: $" + estimatedAnnualPension.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + "";
resultHTML += "
Estimated Monthly Pension: $" + estimatedMonthlyPension.toLocaleString(undefined, { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + "";
resultHTML += "
This calculation is an estimate based on Tier 6 rules and your provided inputs. Actual benefits may vary.";
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