Over the past century, NYSLRS has provided pension security for retired public workers, whose spending has contributed to the economic strength and stability of their communities. In every corner of the Empire State, NYSLRS retirees shop at local stores and patronize local businesses, which in turn helps create jobs. NYSLRS retirees also pay a significant […]
NYSLRS was providing pension benefits to 507,923 retirees and beneficiaries as of March 31, 2022. Nearly 79 percent of NYSLRS retirees and beneficiaries — some 399,628 — live right here in New York State, and they can be found in every region and county. The Capital District, for instance, is home to more than 64,000 […]
The New York State and Local Retirement System (NYSLRS) administers two distinct systems. They are: During the State fiscal year that ended on March 31, NYSLRS provided pension benefits to nearly 515,000 retirees and beneficiaries. Altogether, that’s more than 1.2 million participants, making NYSLRS one of the largest public retirement systems in the nation. New […]
Small towns and rural areas in New York and across the United States get an important economic boost from public pensions, a recent study concludes. Why Public Pensions Give an Economic Boost Because of their smaller economies, less-populated counties benefit more from pension dollars than larger, urban counties, according to Fortifying Main Street: The Economic […]
When the Retirement System was created in 1921, it served a single employer: New York State. But that would quickly change as a series of new laws allowed local governments and other public employers to join the system. In May 1922, Steuben County was the first county to join, and Newburgh became the first city […]
In 1921, NYSLRS’ pension fund held several million dollars and provided benefits to just a few dozen State employees. Today, the Common Retirement Fund (Fund) provides more than a billion dollars per month to hundreds of thousands of retirees and beneficiaries. The System’s founders showed foresight in establishing the framework for a sustainable retirement system […]
Defined benefit pension plans, including NYSLRS, provide retirement security for millions of Americans. Here in New York, NYSLRS pays out more than $10 billion in benefits each year to nearly 400,000 New York State residents. Much of that money is spent at home, contributing to local economies and supporting jobs. What’s happening here is mirrored […]
Most State and municipal employees are required to join the New York State and Local Retirement System (NYSLRS) when they are hired. But for some employees, such as part-time and seasonal workers, membership is optional. If you’re a member and you know someone who could join NYSLRS, consider sharing this piece with them. What is […]
As a NYSLRS member, you may be making or have made contributions as part of your membership. When you make contributions, a percentage of your salary joins a pool of money called the Common Retirement Fund (the Fund). The Fund is also made up of employer contributions and investment income. By investing contributions, the Fund […]
What are Member Contributions? Most New York State and Local Retirement System (NYSLRS) members contribute a percentage of their gross earnings to the New York State Common Retirement Fund (Fund). These member contributions, in addition to employer contributions and investment earnings, help make sure the Fund stays well-funded to support the retirement benefits earned by […]