NYSNA Pension Benefit Estimator
Understanding Your NYSNA Pension Calculation
The New York State Nurses Association (NYSNA) Pension Plan is a defined benefit plan, which provides a guaranteed lifetime monthly income upon retirement. Unlike a 401(k), the benefit is calculated based on a specific formula rather than market performance.
How the Formula Works
Most NYSNA pension benefits are determined using three primary variables:
- Average Final Compensation (AFC): This is typically the average of your highest consecutive earnings (often the highest 3 or 5 years) during your nursing career.
- Years of Service (YOS): The total number of years you have worked while participating in the plan. Partial years are usually credited proportionally.
- Benefit Multiplier: A percentage set by the plan (frequently 2.0% for many NYSNA contracts) that determines how much of your AFC you receive for every year worked.
Example Calculation
If a nurse retires with an Average Final Compensation of $100,000 after 30 years of service with a 2% multiplier, the calculation would be:
$100,000 (AFC) x 30 (YOS) x 0.02 (Multiplier) = $60,000 per year.
This results in a monthly payment of $5,000.
Important Considerations
Your actual benefit may be influenced by "Early Retirement" factors if you stop working before the plan's normal retirement age (often 65, though some contracts allow 60 or 62). Additionally, choosing a "Survivor Option" to provide for a spouse after your passing will generally result in a lower monthly payment for you during your lifetime.
Note: This calculator is for educational purposes only and provides an informal estimate. Your actual pension benefit is determined solely by the Plan Trustees and your specific collective bargaining agreement. Please consult your Summary Plan Description (SPD) or contact the NYSNA Pension Plan office for an official vesting statement.