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A Snapshot of NYSLRS Retirees

This fall, NYSLRS published our Comprehensive Annual Financial Report (CAFR), with the latest data from the State fiscal year ending March 31, 2018. It’s a publication full of details about NYSLRS members, retirees and beneficiaries, as well as information about NYSLRS investments.

In this post, let’s dive in and take a look at NYSLRS retirees and the places they call home.

NYSLRS Retirees by the Numbers

As of March 31, 2018 (the end of the State fiscal year), NYSLRS provides pension benefits to 470,596 retirees and beneficiaries.

Six hundred ninety-five of them live outside the United States, in places like England and the Philippines. However, the vast majority live here in the U.S. In fact, while 22 retirees and beneficiaries have found themselves in the Great Plains of North Dakota, and more than 37,000 now make the sunshine state of Florida home, nearly 79 percent of NYSLRS retirees and beneficiaries — some 370,329 — live right here in New York.

Where NYSLRS Retirees live in the US

NYSLRS Pensions at Work

NYSLRS retirees live in our communities, in every county of the State. Their pension money flows right back into our neighborhoods, stimulating and growing local economies. In 2017 alone, NYSLRS retirees generated $12 billion in economic activity in New York State. They pay property taxes, state and local sales taxes, and they spend money at local businesses. In fact, in 2017, spending by NYSLRS retirees and their beneficiaries was responsible for the creation of an estimated 73,000 local jobs.

An Award-Winning Publication

NYSLRS has received a Certificate of Achievement for Excellence in Financial Reporting for the CAFR for the last 14 years. It’s a national award recognizing excellence in the preparation of state and local government financial reports.

There’s more to find out about retirees, members and NYSLRS’ investments. You can check out this year’s CAFR and CAFRs from years past 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.