How to calculate your pension benefit in the New York City public pension system
Pension plan administrators in New York state are working to ensure that workers who receive public pensions in New Jersey, California, Massachusetts and Connecticut are eligible for the state’s pension funds.
But the New Jersey pension system is struggling to figure out how much is left over for retirees in those states, and the state is also struggling to track how much money is in each state’s fund.
So in the interest of transparency, here is a breakdown of how much New York’s public pension systems pay out, based on a breakdown by state of what the federal government says are the pensions benefits for retirees.
Here are the amounts New York pensions pay out to public retirees: $1,732,000: The amount New York Public Employees Retirement System (PERS) will pay out for New Jersey workers who retired from 2000 through 2021.
The New York State Retirement System is the state-run pension plan that oversees New Jersey’s pension system, which provides the benefits to millions of workers.
$3,049,000 The state pension benefit for New York employees who retired in 2021 or later.
The state is the only one of the four states with a defined benefit pension plan, meaning it pays out more than full retirement benefits.
How much will the pension system pay out?
New York state has a defined contribution plan.
It’s a plan in which the state collects a lump sum of money, typically 10 percent of a person’s salary, and pays it out as a fixed benefit to the person.
This means that New York will pay a portion of what people contribute, or the amount of money that the state would pay out if people worked full time.
The plan is designed to help people who are retiring and need a cushion against their future costs.
In the case of New York, that’s retirees who retire between now and 2025.
Why are the states so different?
In some ways, New York is a perfect example of how a system designed to meet public needs can struggle to provide adequate retirement benefits to its citizens.
PERS is a large, multi-employer system, and many people in the system have jobs.
For example, more than 50,000 workers who worked for the company that owns PERS at the time the state set the retirement benefit are still receiving the retirement benefits now.
For example, in 2019, the PERS retirement benefit was $1,926,000, but the average employee in the state earned $13,500 per year.
To help keep the public system solvent, the state was required to run a deficit of $20.9 billion by 2020.
That meant that $1.7 million would have to go to PERS to cover retirement benefits for workers who had worked full-time since 2000.
New Jersey is the last state to run an actual deficit of that magnitude.
What the New Yorker’s Pension Benefits Calculator can do for you: For the sake of simplicity, this calculator will calculate the total amount of pension benefits you will receive in New Hampshire, New Jersey and Connecticut, based off the amount the state pays out to workers.
You can use the calculator to calculate the amount you need to contribute to PENS or the total retirement benefits you would have received if you worked fulltime in those three states.
You can also enter your state’s full name and city in the field, and click “Calculate” to see how much you need in New Hampshires, New Havens, etc. You will also be able to enter your current age, sex, marital status and the number of years you have been employed in each of the three states to calculate how much additional money you would need to earn to reach your goal.
Do I need a calculator?
If you are receiving public pensions through PERS, the calculator will help you determine how much the state pension plan is paying you.
If not, you can get the calculator by clicking on the “Calculation” button at the top of the page.
Will the calculator work for me?
The calculator works for people in New England, and it will not work for people living in New Zealand, where the state plans to retire people over the next decade.
Should I get help with the calculator?
If you do not see the information you need on the calculator, check the information that’s displayed on the website, and then contact the Pension Benefit Information Center (PBC).
They can help you get the information.