New York State Comptroller Thomas P. DiNapoli has disclosed the employer contribution rates for the New York State and Local Retirement System (NYSLRS) for the 2024-25 State Fiscal Year.
The new figures indicate a rise in average contribution rates for the Employees’ Retirement System (ERS) from 13.1% to 15.2% of payroll, and for the Police and Fire Retirement System (PFRS) from 27.8% to 31.2%.
These two systems, which collectively comprise the NYSLRS, are responsible for disbursing retirement, disability, and death benefits to state and local public workers and their families. The system notably disbursed $15.5 billion in benefits in the previous fiscal year.
DiNapoli emphasized the strength of the state’s pension fund, which boasts a commendable funded ratio of 90.3% as of March 31, 2023. NYSLRS, with its robust financial status, ranks among the top retirement systems in the U.S., capable of supporting its over 1.2 million members, which encompasses approximately 700,000 present and past state and local government workers, along with over 500,000 retirees and beneficiaries.
Employer rates for NYSLRS are derived from factors like investment performance, inflation, and heightened salaries. Moreover, the New York State Common Retirement Fund will uphold its long-term assumed rate of return at 5.9%, aligning with DiNapoli’s proactive approach in reducing return assumptions to ensure the state remains resilient amidst market fluctuations.
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