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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.
Full message on this link:
Your Pension Fund is Strong Your Pension is Secure
April 1, 2020 Message from the NY State Local Retirement System regarding potential Covid-19 illness.
The Important detail to understand: If a worker is NOT retired when they pass away the benefits are vastly lower for the surviving family members. Read below.
May 16, 2019 New York State Comptroller Thomas P. DiNapoli today announced the New York State Common Retirement Fund (Fund) earned an estimated 5.23 percent return on investments in the state fiscal year (SFY) that ended on March 31, 2019.
The fund is now 98% funded, up from 94.5% 1 year ago.
The Fund closed the year with an estimated value of $210.2 billion, which is subject to change once returns are fully audited. The Fund’s audited value at the end of state fiscal year 2018 was $207.4 billion.
Returns in recent years have resulted in reductions in employer contributions in fiscal years 2013-2014, 2014-2015 and 2015-2016, allowed them to remain stable in 2017-2018. The contribution will drop further for 2018-2019 and remain stable for 2019-2020. This means Westchester County & other cities and towns do NOT face increased payments for pension costs. When contribution rates rose in the midst of the 2008 Wall St Recession, hostility towards public employee pensions rose along with them. Thanks to years of strong management from Comptroller DiNapoli, contribution rates have stabilized and New York has one of the strongest pension plans in the country. Employer Pension Contribution history
Where in New York are Pension System Retirees Living? 78% live right here in New York State. It is a myth that they leave NY ! !
Latest Spring 2019 Newsletter from NYS Retirement System (twice yearly, pdf format)
The New York State Retirement System has free consultations Wednesdays at the:
Clarence D. Rappleyea Bldg. (silver office building)
123 Main Street, 1st floor, White Plains, NY
(corner of Dr Martin Luther King Blvd)
9:00 a.m. – 12:00 noon 1:00 p.m. – 4:00 p.m.
Consultations are by appointment only.
There are other offices also
You do not need an appointment to drop off forms, pick up information or have something notarized.
To schedule an appointment, contact the Call Center toll free at:
The Main office: New York State and Local Retirement System
110 State Street Albany, NY 12244-0001
Retirement System News Page
Their “Contact Us” page on the web
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NYS Comptroller Tom DiNapoli. He is a good friend of municipal workers in New York and a strong defender of the defined-benefit retirement system we have in New York. Know his name and be ready to vote for your own best interest when he needs re-election.