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NYSLRS is made up of these two systems, which pay service
and disability retirement benefits to state and local public employees and
death benefits to their survivors. There are nearly 3,000 participating
employers in ERS and PFRS, and more than 300 different retirement plan
combinations. In the SFY that ended
“Despite global tensions and market volatility, our state’s pension fund remains one of the strongest and best funded in the nation,” DiNapoli said. “These rates – in addition to our prudent management and long-term strategy – will help ensure public employees and their families receive the benefits that they have earned.”
Employer rates for NYSLRS are determined based on investment performance and actuarial assumptions recommended by NYSLRS’s actuary, who is required to review the actuarial assumptions and issue an annual report. The recommendations are reviewed by the independent Actuarial Advisory Committee and approved by DiNapoli. In addition to investment performance, other factors that impacted rates included inflation, higher salaries, recent legislative changes (including reforms to tier 6) and member retirement rates.
In 2012, DiNapoli began providing employers with access to a two-year projection of their annual pension bills. Employers can use this projection in the preparation of their budgets. Projections of required contributions vary by employer depending on factors such as the types of retirement benefit plans adopted, salaries paid and the distribution of employees among the six membership tiers.
Payments based on the new rates are due by
The New York State Common Retirement Fund’s long-term assumed
rate of return will remain at 5.9%. DiNapoli has been a leader in the trend of
public pension funds lowering their assumed rates of return to better enable
DiNapoli also announced that NYSLRS had a funded ratio of
93.2% as of
Click HERE to access the Actuary's Annual Report posted on the Internet.