Tag Archives: pension fund

A Look Inside NYSLRS

NYSLRS paid $13.4 billion in benefits to 487,407 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).

NYSLRS By the Numbers

NYSLRS Membership                                                           

But NYSLRS is more than just the pension fund. The system had 673,336 members as of March 31, including county workers, professional firefighters and State troopers. Here are some facts about our membership:

  • 530,547 active members (that is, members still on a public payroll) work for 2,962 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.
  • More than 44 percent of all members are in Tier 6. Fifty-eight percent of PFRS members are in Tier 2 and almost 49 percent of ERS members are in Tiers 3 and 4.

NYSLRS Retirees and Beneficiaries

The average pension for an ERS retiree was $25,105; the average for a PFRS retiree was $54,684. But these pension payments don’t just benefit the system’s retirees and beneficiaries. Because 79 percent of NYSLRS retirees and beneficiaries live in New York, $10.8 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 2020 Comprehensive Annual Financial Report (CAFR). NYSLRS once again received the Certificate of Achievement for Excellence in Financial Reporting for the 2019 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 16 years.

Your Pension Fund is Strong
Your Pension is Secure

The COVID-19 pandemic has caused economic uncertainty as well as a public health emergency. Businesses are struggling, more people are unemployed, and markets are volatile. Yet among all the uncertain news we seem to hear daily, there is something NYSLRS members and retirees can have confidence in: your Retirement System and pension fund are strong and secure.

Since it was established in January 1921, NYSLRS has proven its strength and durability. Over the past century, the Retirement System has weathered the Great Depression of the 1930s, the Dotcom bubble burst of 2001, the Great Recession of 2008-2009 and more than a dozen other economic downturns. Each time, NYSLRS recovered and emerged stronger than before.

pension fund

Investing for the Long Term

The New York State Common Retirement Fund, which holds and invests the Retirement System’s assets, has been impacted by this largely unprecedented crisis, but the Fund remains strong. While weighing the risk and benefit of every investment, the Fund employs a diversified investment strategy that is designed for the long-term, allowing it to take advantage of growth opportunities in good times, which helps it to better navigate through hard times.

NYSLRS entered the current crisis in a position of strength. Independent analysts, such as the Pew Charitable Trusts, have long recognized NYSLRS as one of the best-managed and best-funded public retirement systems in the nation. The strength of the Fund provides stability and enhances its ability to recover from market swings.

In recent months, before the COVID-19 outbreak, the Fund’s professional managers recognized increased volatility in the stock market. The managers made adjustments in the Fund’s investment portfolio in preparation for an expected economic downturn and are actively managing the Fund through these difficult times. The Fund has more than enough assets to pay retiree benefits.

What This Means for You

New York State Comptroller Thomas P. DiNapoli has a fiduciary responsibility to manage the Fund’s assets on behalf of NYSLRS members and retirees. Protecting the Fund is the Comptroller’s number one priority. As a NYSLRS member or retiree, your lifetime retirement benefits are guaranteed by the State constitution, and those benefits cannot be diminished.

NYSLRS continues to be well-positioned to meet both its short-term and long-term obligations. If you are already retired, you will continue to receive your pension payments on schedule. If you are a member, your pension will be there for you when you retire and throughout your retirement years.

We’ve faced similar challenges in the past. We will get through this one.

A Message from NYSLRS About the Coronavirus (COVID-19)

The coronavirus (COVID-19) has disrupted our daily lives in ways large and small. As New York and the rest of the nation work on treatment and containment of this virus, many New Yorkers are concerned about what the future will bring.

The New York State and Local Retirement System (NYSLRS) wants to assure retirees and members who rely on the state pension fund for fiscal security that it is well positioned to weather the volatility in the financial markets.  Your retirement benefits are secure and you will continue to receive your pension payments.

Retirees: Please Sign Up for Direct Deposit

As NYSLRS closely monitors the public health measures being taken to prevent the community transmission of the coronavirus, there are circumstances that could arise that impact the delivery of pension checks, particularly the ability of retirees to go to the bank to deposit them.

sign up for direct deposit to avoid interruptions as a result of the coronavirus

NYSLRS strongly urges retirees to consider signing up for direct deposit, instead of receiving a monthly pension by check via mail delivery. The vast majority of our retirees have their retirement and Social Security benefits deposited directly into their checking or savings account. Direct deposit is quick and safe. To enroll in direct deposit, complete the Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370).