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Compound Interest Formula is A=p(1+r/n)nt A=130,000(1+2%/1)30(1)= 175,220.35 (EST FAS) 175,220.35 x 0.0175= 3,066.356125 x 30= 91,990.68/12=7665.89 (EST monthly pension), This same nurse is also required to make mandatory contributions to NYS Pension currently at 6% per annum and is subject to change. If you are in a retirement plan that allows for retirement with no reduction at age 62, theres no waiting period after you turn 62. Required minimum distributions do not apply to your NYSLRS retirement benefits. Other Sources:How to Calculate Simple and Compound Interest. Or will I be penalized further? Governor Signs Early Retirement Incentive (ERI) Into Law - LOCAL 983 Filling out the secure form allows them to safely contact you about your personal account information. Filling out the secure form allows them to safely contact you about your personal account information. If you leave public employment before retirement age but have met the minimum service requirement to receive a pension, you can apply for a vested retirement benefit when you become eligible. Anyone else out there in this predicament? The sooner you do that, the better, because its important tostart saving and investing earlyso your money has time to grow. How much for a tier 4 with 30 years at age 59? Andrew M. Cuomo's administration . Vesting is automatic. I had same question as previous commenter RT did when reading your April 5, 2017 comment: That comment says: If a member has 30 or more years of service, the formula is: The chart should be revised and/or clarify assumptions. I didnt think it took 3 years to find this out. This provision can affect you if both the following However, there is also an age requirement: You must be at least 55 years old to qualify for a retirement benefit. Your follow up comment on May 4th saying that someone with 31 years of service would have 61.5 percent of FAS does appear to be the correct info, but that is different than than the first info I quoted above.