Monthly Archives: May 2015

NYSLRS – One Tier at a Time: PFRS Tier 1

When you joined the New York State and Local Retirement System (NYSLRS), you were assigned to a tier based on the date of your membership. There are six tiers in the Employees’ Retirement System (ERS) and five in the Police and Fire Retirement System (PFRS) – so there are many different ways to determine benefits for our members. Our series, NYSLRS – One Tier at a Time, walks through each tier and gives you a quick look at the benefits members are eligible for before and at retirement.

Today’s post looks at Tier 1 in the Police and Fire Retirement System, which has only 123 members. PFRS Tier 1 represents the smallest percentage – 0.4 percent – of NYSLRS’ total membership.

PFRS-Tier-1-Benefits_002

If you’re a PFRS Tier 1 member, you can find your retirement plan publication below for more detailed information about your benefits:

Be on the lookout for more NYSLRS – One Tier at a Time posts. Next time, we’ll take a look at another one of our ERS tiers. Want to learn more about the different NYSLRS retirement tiers? Check out some earlier posts in the series:

Retirement Savings and Confidence Continue to Decline

A new National Institute on Retirement Security (NIRS) report reveals that the median retirement account balance has dipped to $2,500 for working age American households, down from $3,000.

NIRS researchers discovered that some 62 percent of working households age 55–64 have retirement savings less than one times their annual income, which is far below what Americans need to be self-sufficient in retirement. NIRS reported that the typical near-retirement working household only has about $14,500 in retirement savings.

Retirement-CrisisEven after counting households’ entire net worth, the report revealed that two-thirds (66 percent) of working families still fell short of conservative retirement savings targets for their age and income, based on working until age 67.

Retirement Crisis Feared By Many

Another NIRS report found that an overwhelming majority of Americans – 86 percent – believe that the nation faces a retirement crisis. Nearly 75 percent of Americans are concerned about their ability to achieve a secure retirement. Some 82 percent say a pension is worth having because it provides steady income that won’t run out, while 67 percent indicate that they would be willing to take less in salary increases in exchange for guaranteed income in retirement.

Comptroller DiNapoli’s Position On Retirement Security

New York State Comptroller Thomas P. DiNapoli, the administrator of NYSLRS and trustee of the Common Retirement Fund, has long addressed the topic of retirement security and called it “an issue that we have to confront.” In remarks he delivered last June during a Retirement Summit at The New School’s Schwartz Center for Economic Policy, the Comptroller called attention to the “staggering” national retirement savings shortfall that’s between $7 trillion and $14 trillion.

Comptroller DiNapoli is encouraging “not just a discussion of the race to the bottom, but a broader discussion about retirement security.”

This is Public Service Recognition Week

This week we proudly celebrate the more than 600,000 members and 400,000 retirees of The New York State and Local Retirement System (NYSLRS) for their service to the people of New York State.

A Brief History of Public Service Recognition Week

Public Service Recognition Week (PSRW) was created in 1985 to honor the men and women who serve our nation as federal, state, county and local government employees. Congress officially designated the first week of May as PSRW. This year, it is being celebrated May 3 through May 9.

PSRW publicly honors all the men and women who dedicate their careers – and sometimes their lives – to keep others safe and provide for the common needs of our society. These individuals strive to help make life better in our communities.

The Public Servants of NYSLRS

NYSLRS is a public retirement system full of stories about State workers and municipal employees finding value and meaning in the work they do, especially when they help another New Yorker. These are stories you may not read or hear about, because to some public employees, they’re just doing their job.

Whether they are picking up our garbage, educating our children, or cleaning our roads during snowstorms, NYSLRS members deliver the critical resources and services many New Yorkers depend on. Likewise, many NYSLRS members and retirees also give back to our state by serving their communities as volunteers and supporters of charitable causes.

Comptroller DiNapoli’s Faith in Public Service

New York State Comptroller Thomas P. DiNapoli is the administrator of NYSLRS and trustee of the Common Retirement Fund. His public service career began when he was elected as a trustee to the Mineola Board of Education at the age of 18, making him the first 18-year-old in New York State to hold public office. Comptroller DiNapoli is understandably proud about the career path he has chosen and he often speaks about the contributions that New York’s public employees make; not just as engaged citizens, but as individuals who bring value to the communities where they live: