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How is final average salary calculated in the Nycers?
Final Average Salary is the greater of: The average of wages earned in any five consecutive calendar years. The average of wages earned in the 60 months immediately preceding your retirement date.
How to calculate tier 4 pension?
Multiply your Final Average Salary by your Years of Service Pension Percentage to determine your estimated monthly benefit.
What is a Tier 6 pension in New York City?
Service Retirement Benefit As a Tier 6 member, you will be vested once you have five years of credited service. This means you are entitled to a retirement benefit even if you leave public employment before you are old enough to retire.
How do I calculate my pension payout?
Your pension is based on your years of credited service, your age at retirement and your final average salary (FAS). FAS is the average of the wages you earned during any 36 consecutive months of service when your earnings were highest. This is usually the last three years of employment.
How is Nycers Tier 4 pension calculated?
Generally if you are Tier 4 (62/5, 55/25 or 57/5 Plans) or Tier 6 (63/5 Plan), years 5 through 19.99 are calculated at 1.66666% per year. Some say 1.67% but thats just used for rounding. So if you have 12 years on the dot, you would receive 20% of your FAS.
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