New York State Comptroller Thomas P. DiNapoli

As New York State Comptroller, I am responsible for overseeing the New York State and Local Retirement Systemt (NYSLRS).  As fiduciary and trustee of the pension fund, I act in the best interests of the System’s members and retirees. As administrator of one of the largest defined benefit plans in the nation, I am proud to report that our pension fund is strong and secure and has served New York State well for more than 90 years. It is a well-managed and well-funded plan that has helped to provide retirement security for millions of NYSLRS retirees who, in turn,  have provided billions of dollars in economic support to communities throughout New York. In an effort to be transparent, my office publishes a tremendous amount of Retirement System-related information.  I am pleased to work with RPEA to highlight pension system information that is of particular interest to you. I hope you find this information helpful.

 

About the New York State and Local Retirement System

  • The New York State Employees’ Retirement System (ERS) was established on January 3, 1921. Legislation in 1966 created The New York State Police and Fire Retirement System (PFRS), and membership of all police officers and firefighters was transferred from ERS at that time. Today, the two systems are collectively called the New York State and Local Retirement System (NYSLRS). State Comptroller Thomas P. DiNapoli is the Administrator of NYSLRS.
  • Overall membership in NYSLRS is 1,073,486. This includes 643,178 members and 430,308 retirees and beneficiaries.
  • The number of retirees is increasing more quickly than the number of members. For example, in 1995, retirees represented 30% of NYSLRS’ members. By fiscal year 2015, that number had increased to just over 40%.
  • There are over 3,000 employers in NYSLRS. The State is the largest employer, but there are also county, city, town, village, school and miscellaneous (like water & sanitation districts) employers.
  • NYSLRS administers 346 retirement plans, making it one of the most complex systems in the nation.

 

About the New York State and Local Retirement System

  • Assets of NYSLRS are held in the Common Retirement Fund (Fund), and State Comptroller Thomas P. DiNapoli is the trustee.
  • The Fund is the third largest pension fund in the United States.
  • The Fund’s assets come from three main sources: employee or member contributions, employer contributions and investment income.
  • The value of the Fund’s invested assets as of March 31, 2015 was $184.5 billion, which represented an increase of $7.7 billion from the previous fiscal year.
  • The Fund’s investments reported a positive return of 7.16% for the 2015 fiscal year and a positive return of 13.02% for the previous fiscal year.
  • The Fund’s three-year annualized rate of return is 10.16%, five-year return is 10.17% and ten-year is 7.12%.

 

About NYSLRS Members

  • Seventy-four percent of ERS members are in Tiers 3 & 4 while 15% are in Tier 6. For the PFRS, 82% are Tier 2 members and 13% are Tier 6 members.
  • In ERS, 32% of members are age 45 to 54 and 26% are age 55 to 64. In PFRS, 24% are age 25 to 34, 33% are age 35 to 44 and 32% are age 45 to 54.
  • The average salary for an ERS member is $49,801 while the average for a PFRS member is $103,822.

 

About NYSLRS Retirees