Tag Archives: Retirees Abroad

The Economic Power of NYSLRS Retirees

Before they leave the workforce, NYSLRS retirees build careers based — at least in part — on serving the people of New York. They are police officers, firefighters and nurses. They are the countless civil servants working each day to keep government services functioning. Their value doesn’t end with retirement. In fact, NYSLRS retirees and their pensions contribute significantly to the communities where they live.

Seventy-eight percent of NYSLRS retirees (440,943 as of March 2016) stay right here in New York. They live throughout the state — from Long Island to the North Country, from the Capital District to Western New York and down to the Southern Tier. Altogether, they’re 2.9 percent of our state’s population, but in some areas, they account for more than 5 percent of the residents.

This large population with steady sources of income has a significant and positive impact on our state and local economies. In 2015 alone, NYSLRS retirees were responsible for $11.7 billion in economic activity in New York State:

  • Property taxes. In 2015, retirees paid $1.7 billion in real property taxes. That’s 5 percent of the total collected for the entire state.
  • State and local sales taxes. NYSLRS retirees paid an estimated $550 million in state and local sales tax in 2015.
  • Job creators. Some retirees do go on to start small businesses as a second act. However, all NYSLRS retirees spend at least some of their income to the benefit of local businesses, and they are responsible for an estimated 66,100 jobs as a result.

NYSLRS Retirees Contribute infographic

Remember: 75 percent of the pension benefits that make all of this possible comes from the investment earnings of the Common Retirement Fund (CRF), not from taxpayers.

Are these statistics impressive? Yes. Surprising? They shouldn’t be. According to research from the National Institute on Retirement Security (NIRS), defined benefit pensions, like those provided by NYSLRS, are responsible for substantial economic gains throughout the U.S. — an incredible $1.2 trillion in total economic output nationwide.

Pensions give retirees a stable source of income, and, in return, retirees support our national and local economies with jobs, incomes, and tax revenue.

NYSLRS Retirees at Home and Abroad

If you’re a current NYSLRS member, you’re a state or local employee who works within New York State. But once you retire, you can spend time in warmer climates or move closer to family.

From an economic standpoint, we’re fortunate to have 78 percent of NYSLRS retirees and beneficiaries stay in New York. As we’ve mentioned before in previous posts, NYSLRS retirees contribute to the New York economy in a big way:

  • $12 billion generated in economic activity
  • $1.6 billion paid in real property taxes
  • $514 million paid in state and local sales tax
  • 60,400 jobs created from local spending

However, we haven’t looked at the other 22 percent of our retirees and beneficiaries. If they aren’t living in New York, where have they gone?

NYSLRS Retirees in the United States

NYSLRS Retirees in US

We’d be lying if we said we were surprised that Florida is the state with the second highest number of NYSLRS retirees and beneficiaries. Florida is currently home to 35,014 NYSLRS retirees. (Keep in mind New York is home to 337,406.) And you can find many other retirees and beneficiaries all along the East Coast…

  • North Carolina: 8,190
  • New Jersey: 7,171
  • South Carolina: 5,105
  • Pennsylvania: 4,300
  • Virginia: 3,585

…the West Coast…

  • California: 2,226
  • Oregon: 284
  • Washington: 478

…and even as far as Alaska (currently 60) and Hawaii (116). All told, 429,591 NYSLRS retirees and beneficiaries live throughout the United States and its territories.

NYSLRS Retirees Around the Globe

Where in the world are NYSLRS Retirees?Out of our 430,308 total NYSLRS retirees and beneficiaries, there are only 717 globetrotters. These retirees and beneficiaries live throughout the world, with the most common countries being:

  • Canada: 164
  • Israel: 56
  • United Kingdom: 36
  • Italy: 31
  • Jamaica: 31

Whether you retire close to home or move away, you’ll always be a part of NYSLRS. Make sure you stay in the loop about your benefits by visiting our Retirees home page.