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
There are several (dozens? hundreds?) of unanswered questions as the fallout from Andrew Cuomo's resignation earlier today continues. Among those are questions related to his pension, some of which can be answered, sort of. Read More
Average pension benefits paid to newly retired public educators in New York City rose again in 2020, according to data posted today at SeeThroughNY.net for New York City Teachers’ Retirement System (NYCTRS). Read More
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