Tag: Pensions

The pension plan covering most New York city government agencies, including the City’s subway system, had 47 members with pension payments of at least $200,00 last year, 11 more than in 2021, according to Read More

Public employee unions — and Governor Hochul — are pressuring state lawmakers to increase hiring at state agencies because, they say, more than a quarter of the state workforce is poised to retire. Read More

The number of retired New York City educators who received pensions over $200,000 continues to grow, reaching 117 last year. Read More

The number of New York State and Local Retirement System (NYSLRS) retirees eligible for six-figure pensions quadrupled over the last seven years. Read More

Average pension benefits for newly retired public educators outside New York City reached a record high last year Read More

New York taxpayers have been hit with enormous increases in pension costs for state and local government employees over the past 20 years. From less than $1 billion in 2000, combined annual employer contributions to the Empire State’s public pension funds escalated to nearly $10 billion by 2010, peaking at nearly $17 billion in 2015. Contributions have leveled off at roughly $16 billion in recent years—but under lenient government accounting standards, even that figure conceals the full long-term cost of generous, locked-in pension benefits for generations of retired government employees.  Read More

Full career police and firemen (those serving 20 or more years) enrolled in New York’s Police and Fire Retirement System (PRFRS) who became eligible to start receiving a pension during 2020 are eligible for an average award of $86,852 annually.  Read More

DiNapoli announced today that he's approved a recommendation by the State Retirement System Actuary to reduce, from 6.8 percent to 5.9 percent, the assumed rate of return (RoR) on investments by the $268 billion Common Retirement Fund, which underwrites the New York State and Local Employee Retirement System (NYSLERS) and Police and Fire Retirement System (PFRS), of which the comptroller is the sole trustee. Read More