sealteam1962 Posted April 26, 2011 Share #1 Posted April 26, 2011 i will be back very soon driving a bus again.my question i been asking is im 50 yrs old how much of a pension will i get for 15 yrs of service which ill be 65 and will retire.i will be covered under nycers like all nycta local 100 please reply Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 26, 2011 Author Share #2 Posted April 26, 2011 i will be back very soon driving a bus again.my question i been asking is im 50 yrs old how much of a pension will i get for 15 yrs of service which ill be 65 and will retire.i will be covered under nycers like all nycta local 100 please reply ill have to call nycers to see what percentage i will get Link to comment Share on other sites More sharing options...
primomjr78 Posted April 26, 2011 Share #3 Posted April 26, 2011 To figure out what you will get multiply 1.666% x your final average salary which means your highest 3 consecutive Earnings years multiplied by years of service for example Lets say your final average salary is 70000 x 1.666% = 1166 x 15 years of service = 17490 annual pension If you have between 20-30 years of service The calculation is Final average salary x 2% x years of service 70000 x 2% = 1400 x 20 years of service = 28000 a year Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 26, 2011 Author Share #4 Posted April 26, 2011 i just looked this up in nycers and glad i did i still have money for 8 months in nycers from nycta in tier 4.i never took it out so i remain a tier 4 when i come back in service ill remain in tier 4 because i did not take my money out and 5 yrs has not passed .it says 15 yrs of service with highest pay say 80,000 i can retire with a pension of 22,000 a year that is now it will be different when i reach 65 but im giving some people an idea because us guys that are 50 now we cant do 25 yrs.but my tier 4 is different from the new tier dont even know what the tier is i think my tier 4 is better then the one now someone correct me if im wrong.then ill have social security also and whatever i save in 457 - 401 k plans and savings .i hope this helps others my age.so im happy with my fiqures and can live a good life afterwards in sunny florida:cool: Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 26, 2011 Author Share #5 Posted April 26, 2011 To figure out what you will get multiply 1.666% x your final average salary which means your highest 3 consecutive Earnings years multiplied by years of service for example Lets say your final average salary is 70000 x 1.666% = 1166 x 15 years of service = 17490 annual pension If you have between 20-30 years of service The calculation is Final average salary x 2% x years of service 70000 x 2% = 1400 x 20 years of service = 28000 a year what tier is this calculated at. is tier 4 which im in better the present one.i based my high at 80,000 but it seems about the same correct me if im wrong i was looking at nycers for tier 4 and what they calculated for 16 years of service which i got to buy back my 8 months then do 15 yrs 4 months to get that 22,000 a year from what it said. anyway thanks for the help its all good i got no kids and not married so i can live nicely on these fiqures and social security and savings since i own a house fully paid off already in naples ,fla which i rent for income all is looking very good thanks:cool: Link to comment Share on other sites More sharing options...
Locomotion69 Posted April 26, 2011 Share #6 Posted April 26, 2011 i just looked this up in nycers and glad i did i still have money for 8 months in nycers from nycta in tier 4.i never took it out so i remain a tier 4 when i come back in service ill remain in tier 4 because i did not take my money out and 5 yrs has not passed .it says 15 yrs of service with highest pay say 80,000 i can retire with a pension of 22,000 a year that is now it will be different when i reach 65 but im giving some people an idea because us guys that are 50 now we cant do 25 yrs.but my tier 4 is different from the new tier dont even know what the tier is i think my tier 4 is better then the one now someone correct me if im wrong.then ill have social security also and whatever i save in 457 - 401 k plans and savings .i hope this helps others my age.so im happy with my fiqures and can live a good life afterwards in sunny florida:cool: Who really knows if some of us are going to get our full social security benefit in the future. Who knows you might want and be able to work past 65, work as long as you can that way you won't have to worry about outliving your money. Don't forget your Roth IRA in addition to your 457/401 k plans. Age is just a number Seal, there are many people out there working into their 70's and older. Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 27, 2011 Author Share #7 Posted April 27, 2011 Who really knows if some of us are going to get our full social securitybenefit in the future. Who knows you might want and be able to work past 65, work as long as you can that way you won't have to worry about outliving your money. Don't forget your Roth IRA in addition to your 457/401 k plans. Age is just a number Seal, there are many people out there working into their 70's and older. thanks loco ill see what the future holds but 65 im done i want to enjoy what years i have left.:cool: Link to comment Share on other sites More sharing options...
primomjr78 Posted April 27, 2011 Share #8 Posted April 27, 2011 Every tier is calculated the same exact way the calculation is always the same . Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 27, 2011 Author Share #9 Posted April 27, 2011 Every tier is calculated the same exact way the calculation is always the same . thank you.i found out the difference on tier 4 and 5 tier 4 i only have to contribute 3% for 9 yrs 4 months because i will buy back my 8 months.tier 4 you pay 3% for 10 yrs to nycers fully vested in 5 yrs as for tier 5 you have to pay damm i forgot like 8%i think correct me till you retire and fully vested after 10 years.im glad i never took my money out of nycers and will be hired back with tier 4 retirement :tup: Link to comment Share on other sites More sharing options...
Locomotion69 Posted April 27, 2011 Share #10 Posted April 27, 2011 Thanks for starting this very important thread Seal, a lot of the younger people might not be interested in this but there are a lot of people on lists who are over 35 and the older you are the more you worry/plan for your retirement. So you would manage your pension account through the NYCERS website right? Thanks primo for the pension example. Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 27, 2011 Author Share #11 Posted April 27, 2011 yes loco they send you a booklet each year with how much you got in,dates,etc. also can view it online you have to set up an account and password. Link to comment Share on other sites More sharing options...
sealteam1962 Posted April 28, 2011 Author Share #12 Posted April 28, 2011 yes loco they send you a booklet each year with how much you got in,dates,etc. also can view it online you have to set up an account and password. loco the statement from nycers is just your contribution to the nycers pension system.what primor said is correct they look at your last 5 years get your best 3 years from that then then get your average.your contributions are not going to be the same as your pension its just money you contribute to nycers to have a pension.but after your fully vested you can take out a loan on nycers.but i would not even touch it no way. Link to comment Share on other sites More sharing options...
primomjr78 Posted April 28, 2011 Share #13 Posted April 28, 2011 Seal If you are earning 80k a year you can easily save 25k per year and invest it and earn 10% a year you would be sitting pretty with around 875k in cash . Withdraw a meager 5% and you have around 44k a year in extra income . You don't even need a pension You can make your own Link to comment Share on other sites More sharing options...
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