How does the New York State Local Retirement System calculate retirement benefits?

The New York State Local Retirement System utilizes a formula to calculate retirement benefits based on several factors. Firstly, the system considers the member's years of service, which include both credited service and elective service. Additionally, the member's average final compensation is assessed, which is the average of the three highest years of salary within the last ten years of service. This figure is then multiplied by a predetermined percentage that depends on the member's tier and years of service. The resulting amount represents the annual retirement benefit. It is important to note that members also have the option to increase their benefits through various options such as purchasing additional service credit or selecting a different pension payment option. Overall, the New York State Local Retirement System strives to offer fair and accurate calculations to ensure members receive appropriate retirement benefits.