Tax-funded employer contributions to the New York State and Local Retirement System will rise sharply in fiscal year 2013, state Comptroller Thomas DiNapoli announced today. The rate billed for members of the Employer Retirement System (ERS) will rise to nearly 19 percent of payroll, exactly as predicted in the Empire Center’s “Exploding Pension Costs” report last December, while the Police & Fire Retirement System (PFRS) rate will be nearly 26 percent, somewhat higher than we had expected.
More to come in this space tomorrow on why this is happening, what it will cost, and who will be hardest hit. Also coming: an explanation of how this will affect the property tax cap.
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