The 18-day celebration of everything New York begins Friday, August 20, and runs through Monday, September 6 (Labor Day). Our information representatives will be at the fairgrounds in Syracuse to help members and retirees with their retirement planning and benefit questions. You’ll also be able to pick up retirement plan brochures and forms, request an estimate that will be mailed to you and get help registering for a Retirement Online account.
The NYSLRS booth will be in the Center of Progress Building, building 6 on the State Fair map, near the Main Gate.
Find Unclaimed Funds at the State Fair
OSC’s Office of Unclaimed Funds booth will be in the same building. An unclaimed fund is lost or forgotten money, perhaps in old bank account or insurance policy, that has been turned over to the State. See if any of that money is yours. So far this year, State Comptroller Thomas P. DiNapoli and the Office of Unclaimed Funds have returned more than $253 million.
Special State Fair Days
Friday, August 20
Monday, August 23
Fire & Rescue Day — Free admission for active and retired members of fire departments and emergency services organizations
Wednesday, August 25
Women’s Day — $1 admission for women ages 13-64 (Children 12 and under and seniors 65 and over are always free.)
Friday, August 27
Pride Day – The LGBTQ event includes a flag-raising ceremony at 10:30 am
Monday, August 30
Comptroller DiNapoli Visits the Fair — He is trustee of the New York State Common Retirement Fund and is the administrator of NYSLRS. He’ll be stopping by the NYSLRS booth during the day.
Law Enforcement Day — Free admission for active and retired law enforcement and corrections personnel
Thursday, September 2
Armed Forces Day — Free admission for active duty or veterans
Monday, September 6
Labor Day – Show your support of working women and men at the Fair’s Labor Day rally
Note: ID required for free admissions listed above. For details, check out the complete schedule of Special Fair Days.
Since taking office in 2007, Comptroller Thomas P. DiNapoli has been committed to fighting public corruption and protecting the New York State and Local Retirement System from pension fraud.
Comptroller DiNapoli, through his Division of Investigations, partners with federal, state, and local law enforcement at every level of government. The Division’s pension fraud investigations have resulted in dozens of arrests and convictions and the recovery of nearly $3 million dollars.
The Retirement System’s Pension Integrity Bureau (PIB) is responsible for recovering erroneously paid pension benefits. In many cases, this is due to the survivors’ failure to report the death of a retiree in a timely manner, but some cases involve schemes to conceal the retiree’s death to continue pocketing pension payments. When PIB comes across apparent criminal activity, it refers the case to the Division of Investigations.
In June 2021, an Ontario County woman pleaded guilty to grand larceny for stealing $2,076 that was intended for a deceased friend. The woman and her friend, who was retired from the Tonawanda Public Works Department, had a joint bank account. After his death, the woman unlawfully withdrew his pension payment and $3,216 in Veterans Affairs benefits and closed the account.
That same month, an Orange County woman was arrested and charged with grand larceny for allegedly stealing her late mother’s pension payments. She attempted to hide her mother’s death from NYSLRS and more than $50,000 in pension payments were deposited into a joint account after her mother’s death. The woman allegedly used the money to pay bills and make personal purchases, including fast food, liquor, clothing, gas and entertainment.
Other Notable Cases
Some people have taken elaborate measures to keep the pension payments coming in. For example, there was the Queens man who left his father’s body in a morgue for more than a year while he siphoned off $7,542 in pension payments and $17,790 in Social Security from his father’s bank account.
In many instances, the pension fraud involves substantial amounts of money which can lead to serious penalties for those who get caught. A few years ago, a Florida woman was sentenced to 2-to-6 years in State prison after she was convicted of stealing more than $120,000 in pension payments after her uncle’s death. She sent false information to his bank indicating he was still alive, then used her power of attorney to withdraw pension payments for several years.
Then there was the man who impersonated his dead brother in order to collect more than $180,000 in pension benefits. The Retirement System learned of the brother’s death and stopped payments to a trust account the man controlled. The man phoned the NYSLRS Call Center pretending to be his deceased brother demanding his money and insisted he was alive. The ploy failed and he was sentenced to 6 months in jail and 5 years probation. He also signed a $180,140 judgment and had to repay NYSLRS.
Your Pension Fund is Secure
The Pension Fund, which provides the money for pension payments and was valued at an estimated $254.8 billion as of March 31, 2021, has long been recognized as one of the best-managed and best-funded public pension funds in the nation. The State Comptroller’s ongoing effort to combat pension fraud and abuse is just one more reason that the Fund remains safe and secure.
New Yorkers can report allegations of fraud involving taxpayer money by calling the toll-free Fraud Hotline at 1-888-672-4555.
In 1921, NYSLRS’ pension fund held several million dollars and provided benefits to just a few dozen State employees. Today, the Common Retirement Fund (Fund) provides more than a billion dollars per month to hundreds of thousands of retirees and beneficiaries.
The System’s founders showed foresight in establishing the framework for a sustainable retirement system capable of providing long-term pension security for its members and retirees. Today, one hundred years later, we are considered one of the strongest public pension funds in the country, thanks in large part to the stewardship of Comptroller DiNapoli, trustee of the Common Retirement Fund and administrator of NYSLRS for the past 14 years.
Comptroller DiNapoli’s diligent efforts to maintain the financial well-being of the Fund, the fact that NYSLRS’ participating employers contribute their share into the Fund, and New York’s constitutional requirement that lifetime pension benefits be guaranteed to all NYSLRS retirees — all these elements combine to ensure that NYSLRS retirees will enjoy secure benefits for generations to come.
The Common Retirement Fund has been widely recognized as one the best-funded and best-managed public pension fund’s in the nation. (In June 2020, the Pew Charitable Trusts ranked NYSLRS as the second-best-funded public retirement system in the nation, based on 2018 data.) The cornerstone of the Fund’s reputation is its sound investment policies. At the direction of Comptroller DiNapoli, Fund managers use a long-term investment strategy designed to take advantage of growth opportunities during good economic times, while helping the Fund weather economic downturns.
The Comptroller seeks the input of a wide range of internal and external advisors, consultants and legal counsel who help to determine the best investment choices and allocation of assets for the Fund. These advisors provide independent advice and oversight of all investment decisions, serve as part of the chain of approval on all investment decisions before they reach the Comptroller for final approval and participate on advisory committees that meet periodically throughout the year.
Fund assets are invested in a diversified portfolio. About 55 percent of the assets are invested in publicly traded stocks. Other investments include bonds, mortgages, real estate and private equity.
The Fund is also strengthened by a forward-looking approach to addressing climate change-related investment risks and capitalizing on the opportunities created by the transition to a low-carbon economy. Comptroller DiNapoli recognizes that climate change poses an enormous threat to the global economy and to the Fund’s investment portfolio. Recently, he announced plans to transition the Fund’s portfolio to net zero greenhouse gas emissions by 2040. This process will include a review of investments in energy companies and, where consistent with his fiduciary responsibility to maintain the long-term financial health of the Fund for NYSLRS members, divestment of companies that don’t meet minimum standards. This policy will help ensure that the Fund adapts to a changing global economy and maintains its growth in coming decades.
The Common Retirement Fund’s Impact on New York Businesses
The Common Retirement Fund’s In-State Private Equity Program invests in new and expanding New York companies and makes capital available to qualifying small businesses. As of March 31, 2020, the Fund’s private equity portfolio included investments in over 330 New York businesses with a total value of $1.9 billion. These investments boost the State’s economy while at the same time generating significant returns for the Fund.
As the Common Retirement Fund’s assets have grown over the years, so have its obligations. As of March 31, 2020, there were 487,407 NYSLRS retirees and beneficiaries, who were paid $13.4 billion in benefits over the previous year. That’s up from 67,689 retirees and beneficiaries, who were paid $194 million in benefits in 1971. Roughly a third of NYSLRS members are expected to retire over the coming decade.
Comptroller DiNapoli’s focus on continuing the Fund’s record of strong growth ensures that the Retirement System will be ready to meet the challenges of the future. The New York State Common Retirement Fund’s estimated overall investment return was 33.55 percent for the State fiscal year that ended March 31, 2021, reflecting the financial markets’ dramatic rebound from lows reached during the COVID-19 pandemic. The return on investments increased the Fund’s value to an estimated $254.8 billion. More than 1.1 million NYSLRS members, retirees and beneficiaries can continue to rely on the Retirement System for their retirement security.
Since taking office in 2007, Comptroller Thomas P. DiNapoli has made fighting fraud one of his top priorities, helping ensure the integrity of the New York State Common Retirement Fund. But have you been as diligent protecting your own money, including your retirement savings?
Most of us are aware of common scams, emails from princes using poor grammar or phone calls about phony sweepstakes prizes. And we’re confident that we would never fall for these schemes. Still, con artists steal billions of dollars every year from sensible, intelligent people. And you’re most likely to encounter a con artist on the phone.
Exploiting your emotions
Con artists work best when their victims are in a heightened emotional state – excited about that prize money or terrified because they owe a large debt. And that emotional state makes it hard to spot the red flags. But if a caller is trying to scare you or manipulate your emotions, that should be a red flag in itself.
Red flags and common ploys
There are other red flags to watch for. Does the caller use high-pressure sales tactics or threatening language? Do they ask for payment in advance for a product or service or require an unorthodox payment method, such as wire-transfer, pre-paid debit card or gift card? Do they insist that you act now?
One common ploy is a call warning that you’ll be locked up if you don’t pay your back taxes right now. But the Internal Revenue Service (IRS) always notifies delinquent taxpayers by mail before they call. The real IRS will not demand immediate payment, ask for your credit card or debit card numbers over the phone, or threaten to arrest you.
Likewise, your bank won’t call and ask for your account information. And a legitimate computer company isn’t going to call because they are getting messages from your computer about a technical problem. There are many variations, but a few basic principles can help you avoid scams.
Generally, NYSLRS will not call you unless we are following up on a contact from you (a phone call, email, online inquiry, form or letter). If you do get a call from us, you can use your NYSLRS ID to identify yourself. If you suspect someone is posing as a Retirement System representative, please notify us using our secure email form at www.emailNYSLRS.com.
Ways to protect yourself and spot scammers:
Be wary. Sounds too good to be true? It is. If you didn’t enter the sweepstakes, you’re not going to win it.
Don’t provide your Social Security number, bank account information or other sensitive personal data to anyone you don’t know.
Sleep on it. If the caller is legit, they won’t mind you taking time to think it over.
Hang Up. Don’t engage with suspicious callers. They may be able to extract valuable information from innocuous comments. (And never answer with the word “yes.” They can record you and use it in a scam.)
If it’s an automated call or a number you don’t recognize, let it go to voicemail.