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New York State pension funds will see significant changes in rates regarding contribution in 2022

New York State Comptroller Thomas DiNapoli has announced that the government will be paying less toward pension costs.

The government contribution is going to be reduced that goes toward the pension fund.

The fund covers retirements for government and state employees.

The fiscal year begins April 1, 2022 which is when the changes in rates will begin.

The contribution rate for the Employee’s Retirement System will be lowered from 16.2% to 11.6%.

The estimated employer contribution rate will go down from 28.3% to 27% for the Police and Fire Retirement System.

The rates are decided on by the performance of the pension fund.

The fund in made up of stocks, bonds and similar things.