Tag Archives: CAFR

A Snapshot of NYSLRS Retirees

NYSLRS’ Comprehensive Annual Financial Report (CAFR), published each fall, has a wealth of information about the Retirement System. Much of it is technical — mostly about investments — but it’s also a good place to learn about NYSLRS retirees.

Here are a few tidbits we’ve gleaned from the latest edition, which includes data from the State fiscal year that ended March 31, 2019.

NYSLRS Retirees by the Numbers

NYSLRS was providing pension benefits to 481,795 retirees and beneficiaries as of the end of the fiscal year.

Nearly 79 percent of NYSLRS retirees and beneficiaries — some 379,057 — live right here in New York State, and they can be found in every county. Long Island and Western New York are both home to more than 60,000 NYSLRS retirees and beneficiaries, while nearly 55,000 live in the Capital District.

NYSLRS retirees can also be found in every state. Florida, not surprisingly, is the number two choice — more than 38,000 call the Sunshine State home. North Dakota is the least popular destination, with only two dozen NYSLRS pensioners. Another 695 live outside the United States.

Snapshot of NYSLRS Retirees

NYSLRS Pensions at Work

NYSLRS retirees live in our communities. Their pension money flows right back into our neighborhoods, stimulating and growing local economies. In 2018 alone, NYSLRS retirees generated $12.6 billion in economic activity in New York State. They paid nearly $2 billion in property taxes, paid State and local sales taxes, and spent money at local businesses. Spending by NYSLRS retirees and their beneficiaries was responsible for creating an estimated 76,100 local jobs in 2018. Learn more.

An Award-Winning Publication

NYSLRS has received a Certificate of Achievement for Excellence in Financial Reporting for the CAFR for the last 15 years. It’s a national award recognizing excellence in the preparation of state and local government financial reports.

To find out more about retirees, members and NYSLRS’ investments, check out this year’s CAFR on our website.

A Look Inside NYSLRS

NYSLRS paid $12.74 billion in benefits to 481,795 retirees and beneficiaries during the State fiscal year that ended on March 31. These benefits are paid out through the New York State Common Retirement Fund (the Fund).

The Fund was valued at $210.5 billion at the end of the fiscal year. The average return on Fund investments was 5.23 percent for the year.

A Look inside NYSLRS

NYSLRS Membership

But NYSLRS is more than just the pension fund. The system had 658,176 members as of March 31, including county workers, professional firefighters and State troopers. Here are some facts about them:

  • NYSLRS’ 533,610 active members (that is, members still on a public payroll) work for 3,020 public employers statewide.
  • One-third of those active members work for New York State. The rest work for counties, cities, towns, villages, school districts and public authorities.
  • Nearly 94 percent of active members are in the Employees’ Retirement System (ERS). The Police and Fire Retirement System (PFRS) accounts for 6 percent of NYSLRS membership.

Nearly 39 percent of all NYSLRS members are in Tier 6. (But more than 62 percent of PFRS members are in Tier 2.)

NYSLRS Retirees and Beneficiaries

The average pension for an Employees’ Retirement System (ERS) retiree was $24,345; the average for a Police and Fire Retirement System (PFRS) was $52,804. But NYSLRS pension payments don’t just benefit the system’s retirees and beneficiaries. Because 79 percent of NYSLRS retirees and beneficiaries live in New York, $10.3 billion worth of benefits stayed in the State. And that money supported local businesses, paid local taxes and generated economic development statewide.

An Award-Winning Publication

Extensive information about NYSLRS members and retirees, the Fund, and Fund investments can be found in the 2019 Comprehensive Annual Financial Report (CAFR). NYSLRS received a Certificate of Achievement for Excellence in Financial Reporting for the 2018 CAFR. The Certificate of Achievement is a national award recognizing excellence in the preparation of state and local government financial reports. NYSLRS has won this award for the last 15 years.

What is the CAFR?

Last week, we published the latest Comprehensive Annual Financial Report (CAFR). This annual report gives a clear view about how both NYSLRS and the New York State Common Retirement Fund (Fund) are managed. This year’s CAFR covers our last State fiscal year, from April 1, 2015 through March 31, 2016.

The CAFR and Transparency

Each year when the CAFR is prepared, we strive to make sure the data is accurate, complete, and clear. For example, the financial section was prepared in keeping with accounting principles established by the Governmental Accounting Standards Board, and reporting requirements outlined by the Government Finance Officers Association of the United States and Canada. These principles set standards for financial accounting and reporting. By following them, we can see how we compare with other government entities using the same standards, ensure our data is consistent between accounting periods, and provide reliable financial statements to the public.

Comptroller DiNapoli is responsible for the Fund’s management. He ensures that investment policies and practices follow the highest levels of ethical conduct and transparency. The CAFR aids in transparency by providing historical data and extensive detail about the Fund’s audited assets, liabilities, investments, and transactions.

The CAFR provides many facts and figures about both NYSLRS and the Fund. Here are some statistics from the past fiscal year:

  • As of April 1, 2016, there were a total of 647,399 NYSLRS members; 612,294 in the Employees’ Retirement System (ERS) and 35,105 in the Police and Fire Retirement System (PFRS).
  • As of April 1, 2016, there were 440,943 NYSLRS retirees, 78 percent of whom live in New York.
  • As of April 1, 2016, there were a total of 3,040 participating NYSLRS employers.
  • The largest holdings in the Fund’s portfolio include:
    • Apple, Inc.
    • General Electric Company
    • AT&T, Inc.
    • Exxon Mobil Corp.
    • Microsoft Corp.
  • The Fund has invested approximately $9 billion with minority- and women-owned business enterprises since Comptroller DiNapoli took office in 2007.

This fact sheet (PDF) summarizes many other NYSLRS statistics you’ll find in the new CAFR. You can also find back issues of the CAFR on our website.

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.