The New York State Teachers' Retirement System (NYSTRS) will reduce its pension contribution rates for a third consecutive year in 2017-18, even though the pension fund's investment returns came in well below its target rate in fiscal 2016.
The Empire State's largest public pension plan still has not fully recovered from the financial crisis and Great Recession of 2008-09, a new report from the state comptroller's office confirms.
New York's largest public pension fund earned 2 percent in its first fiscal quarter—which isn't necessarily good or bad news for taxpayers.
Taxpayer-funded pension contributions in New York City will need to increase by a total of $732 million between fiscal years 2018 and 2020 due to the pension funds' paltry investment earnings in the recently concluded 2016 fiscal year, City Comptroller Scott Stringer has just disclosed.
Following his conviction on federal corruption charges, former Senator Dean Skelos apparently will qualify for a public pension of up to $95,590 a year.
Still betting far too heavily on the stock market, New York State's main state and local government pension fund lost money in the first half of its current fiscal year.
Starting next year, New York's state government plans to (finally) stop deferring a portion of its annual required pension payments—but over the next 10 years, it will still have to repay $3.3 billion it owes on pension fund borrowings since fiscal 2011.
The New York State Teachers' Retirement System (NYSTRS) earned only 5.2 percent on its investments—well short of its assumed rate of 8 percent—during the fiscal year ending last June 30.
But taxpayer contributions to NYSTRS, already due to drop by more than four full percentage points of covered payroll in school year 2015-16, nonetheless are projected by the system actuary to decrease by a little bit more (up to 1.76 percentage points) in 2016-17.
Just in time for Wall Street’s latest bout of bearish volatility, state Comptroller Thomas DiNapoli is taking an important step to fortify New York’s largest pension fund.
New York’s two-year-old Voluntary Defined Contribution (VDC) retirement plan—the most significant structural reform in Governor Andrew Cuomo’s 2012 Tier 6 pension legislation—is shaping up as a popular alternative among the relatively small number of government employees eligible to sign up for it.
The 580 enrollees in the VDC plan between July 1, 2013 and June 30, 2015 include at least eight of the 29 state Assembly and state Senate members elected during that period, according to the plan managers at the State University of New York (SUNY).
The stock market's recent performance suggests that the New York State Teachers' Retirement System (NYSTRS) had trouble meeting its ambitious 8 percent return target during its most recent fiscal year, which ended a week ago.
In what's becoming annual tradition, a handful of bills increasing pension benefits for groups of public employees passed in New York's Legislature this year.