When calculating your pension, I was always told the best 3 years out of the last 5 years. Well I asked NYCERS when I retired that exact question and I was told its not like that.
The best 3 years in a row in your career is what’s used or the last 36 months (whichever is more), what gets confusing is that in your last 5 years you will only get credit for pension purposes 10% over the previous year you earned – not paid, and most likely you earned the most in those last 5 years in your career. But apparently there are situations where your best 3 years could have happen maybe before your last 5 years. Use the form provided below for a better understanding of the calculations used by NYCERS.
Just for example purposes only:
Year 5 : You make 50,000 = you get credited for 50,000.
Year 4: 80,000 you will only get credited for 55,ooo.
Year 3: 90,000 you will only get credited for 88,000.
Year 2: 100,000 you will only get credited for 96,800.
Year of retiring 130,000 you will only get credit for 106,480.
Please mail correspondence and completed NYCERS forms to:
New York City Employees’ Retirement System
30-30 47th Ave., Suite 1010
Long Island City, NY 11101
EXCEPT Medical forms 605, 606, 607, 608, 609 and 613.
These forms should continue to be mailed to
NYCERS’ Medical Division at 335 Adams Street, Suite 2300, Brooklyn, NY 11201, or brought to our Customer Service Center at 340 Jay Street in downtown Brooklyn.