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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.

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 contributions don’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 and their beneficiaries (355,028 as of March 2017) 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 1.8 percent of our state’s population, but in some areas, they account for more than 5 percent of the residents.

NYSRLS Retirees contribute a lot of money to New York State

Retirees’ contribute in New York State

This large population with steady sources of income has a significant and positive impact on our state and local economies. In 2016 alone, NYSLRS retirees were responsible for $11.8 billion in economic activity in New York State:

  • Property taxes. In 2016, retirees paid $1.7 billion in real property taxes. That’s 3.2 percent of the total collected for the entire state.
  • State and local sales taxes. NYSLRS retirees paid an estimated $618 million in state and local sales tax in 2016.
  • 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 72,370 jobs as a result.

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.

Retirees’ contribute nationwide

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.