Monthly Archives: September 2014

Study Finds Retiree Spending a Big Supporter Of The Economy

retirees-in-NYS_top-10-countiesA recent National Institute on Retirement Security (NIRS) study reveals that pension benefit payments provide important support to the economy, generating more than $943 billion in total economic activity and 6.2 million jobs in the United States.

The NIRS study reports on the national economic impacts of public and private pension plans, as well as the impact of state and local plans on a state-by-state basis. It measures the ripple effect of the pension benefit income spent by retirees in 2012 – about $228.5 billion paid to 9 million retired employees of state and local government and their beneficiaries. Retiree spending helped to support labor income, paying nearly $307 billion, and also generated $135 billion in tax revenue at the local, state and federal levels.

New York Retirees Contribute Their Fair Share

At the time of the NIRS study, NYSLRS retirees* were responsible for more than $11 billion worth of economic activity in New York State. The pension benefits they received stimulated our local economies in a number of ways:

  • NYSLRS Retirees Stayed in New York: Seventy-eight percent of NYSLRS’ 413,436 pensioners – 302,954 retirees and beneficiaries – chose to live in New York in 2012. They made up 2.7 percent of the general population, but in some areas of the State, they accounted for nearly five percent of the residents.
  • NYSLRS Retirees Paid New York Taxes: In 2012-2013, NYSLRS retirees paid $1.4 billion in real property taxes – that’s 4.6 percent of the total collected in the entire State. Additionally, NYSLRS retirees paid an estimated $488 million in state and local sales tax in 2012.
  • NYSLRS Retirees Created Jobs: NYSLRS retirees were responsible for the creation of an estimated 61,000 jobs.

Public Pensions Are A Sound Investment In Our Future

The pensions earned by public service retirees don’t just benefit those who receive them, but they pay dividends to local businesses, build strong communities and create jobs. And, as the number of retired public service employees in New York grows, we can look forward to their help in building a stronger New York.

*Read Retirees Contribute (PDF) to see the latest numbers on how NYSLRS retirees have affected the state economy.

NYSLRS Members Contribute to the Educational Bottom Line

schoolbus-81717_640As thousands of children in New York go back to school today and tomorrow, thousands of New York State & Local Retirement System (NYSLRS) members are headed back to school as well.

Although most public school teachers and teaching assistants in the Empire State belong to either the New York State Teachers’ Retirement System or the New York City Teachers’ Retirement System, non-instructional employees, like teacher aides, bus drivers, nurses and food service personnel, are members of NYSLRS. Like teachers, these professionals can be members of the New York State United Teachers (NYSUT) union and contribute to our children’s education too by helping to keep our students safe and healthy and assisting in classrooms. That’s why all of our NYSLRS members in the public education field should justifiably feel proud of the work they do.

And it’s not just elementary, middle-school and high school children who are influenced by these professionals. There are also 6,421 NYSLRS members in NYSUT affiliate United University Professions (UUP) – the union that represents more than 35,000 individuals on some 29 State University of New York campuses. NYSLRS members represented by UUP work as staff assistants, senior staff assistants and staff associates, among many others.

You’ll also find NYLRS members working for BOCES and New York State schools for the deaf and blind.

Where To Educate Yourself About ERS Benefits

As of March 31, 2014, NYSLRS had 524,427 active members. Perhaps you’re one of them. Our website is a good place to learn about your benefits and get information on planning for your retirement. If you’re a new member of NYSLRS, you might be interested in Benefit Information for Tier 6 Members: Frequently Asked Questions. You can also sign up for E-News, our email newsletter, for the latest retirement news. And if you have any questions, please contact us.