Estimate your potential annual pension benefit from the New York City Employees' Retirement System (NYCERS).
Plan 1 (25 Year olds)
Plan 2 (20 Year olds)
Plan 3 (10 Year olds)
Plan 4 (5 Year olds)
Plan 5 (3 Year olds)
Estimated Annual Pension Benefit
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Understanding Your NYCERS Pension Calculation
The New York City Employees' Retirement System (NYCERS) provides retirement benefits for a significant portion of New York City employees. Calculating your estimated pension requires understanding several key factors specific to your service and chosen retirement plan. This calculator provides a simplified estimation based on common NYCERS plan structures.
How the Pension is Calculated
The core formula for calculating your pension benefit is generally:
Annual Pension Benefit = (Years of Service) x (Final Average Salary) x (Pension Factor)
Years of Service: This is the total number of years you have contributed to NYCERS.
Final Average Salary (FAS): This is typically the average of your highest consecutive years of earnings, often the last five years of your service. The exact definition can vary by plan.
Pension Factor: This is a percentage specific to your NYCERS retirement plan. It represents the rate at which your service and salary translate into an annual pension. Different plans have different factors, often reflecting different retirement ages or service requirements.
NYCERS Plan Types and Factors (Illustrative)
NYCERS has various retirement plans, each with different benefits and accrual rates (pension factors). The options in this calculator are illustrative. For precise factors, always refer to your official NYCERS documentation or consult with NYCERS directly. Common factors are approximations:
Plan 1 (e.g., 25 Year olds): Often has a factor around 2.0% per year of service.
Plan 2 (e.g., 20 Year olds): May have a factor around 2.5% per year of service.
Plan 3 (e.g., 10 Year olds): Could have a factor around 3.0% per year of service.
Plan 4 (e.g., 5 Year olds): May have a higher factor, potentially around 3.3%.
Plan 5 (e.g., 3 Year olds): Often has the highest factors, potentially around 3.5% or more.
Note: The specific plan names and associated factors above are illustrative and simplified. Actual NYCERS plans can be more complex, with variations based on entry date, job title, and legislative changes.
Using the Calculator
To use this calculator effectively:
Enter Your Years of Service: Input the total number of years you have been a member of NYCERS.
Enter Your Final Average Salary: Input the average annual salary over your highest-earning consecutive years (typically the last 5).
Select Your NYCERS Plan Type: Choose the plan that corresponds to your membership or anticipated retirement.
Click "Calculate Pension" to see an estimated annual pension benefit.
Important Disclaimer
This calculator is intended for informational and estimation purposes only. It does not constitute financial advice. The calculations are based on simplified assumptions about NYCERS pension formulas and factors. Actual pension benefits are determined by NYCERS based on your specific membership record, plan rules, and applicable laws. For accurate and personalized retirement benefit information, please consult directly with NYCERS or a qualified financial advisor.
function calculatePension() {
var memberYears = parseFloat(document.getElementById("memberYears").value);
var finalAverageSalary = parseFloat(document.getElementById("finalAverageSalary").value);
var pensionPlan = document.getElementById("pensionPlan").value;
var pensionFactor = 0;
if (isNaN(memberYears) || isNaN(finalAverageSalary) || memberYears <= 0 || finalAverageSalary <= 0) {
document.getElementById("annualPension").innerText = "Please enter valid numbers.";
return;
}
// Determine pension factor based on selected plan
if (pensionPlan === "plan1") {
pensionFactor = 0.020; // 2.0%
} else if (pensionPlan === "plan2") {
pensionFactor = 0.025; // 2.5%
} else if (pensionPlan === "plan3") {
pensionFactor = 0.030; // 3.0%
} else if (pensionPlan === "plan4") {
pensionFactor = 0.033; // 3.3% (Illustrative)
} else if (pensionPlan === "plan5") {
pensionFactor = 0.035; // 3.5% (Illustrative)
} else {
document.getElementById("annualPension").innerText = "Invalid plan selected.";
return;
}
var annualPension = memberYears * finalAverageSalary * pensionFactor;
// Format the result to two decimal places and add a dollar sign for clarity of the monetary value
document.getElementById("annualPension").innerText = "$" + annualPension.toFixed(2);
}