Tag Archives: Comptroller Thomas P. DiNapoli

More Than One Million Strong: The Growth of NYSLRS

When NYSLRS formed in 1921, it started with a total of 4,721 participants (4,672 members and 43 retirees). Today, NYSLRS provides retirement security to 643,178 members and 430,308 retirees and beneficiaries (the most recent data available).

To say we’ve grown would be an understatement. But no matter how large we get, NYSLRS will continue to provide its members and retirees with lifetime retirement benefits and help them to plan for a financially secure future.

A look back at membership growth through the years.

NYSLRS Membership growth through the years

NYSLRS: Retirement Security Before Social Security

Before NYSLRS began in 1921, many New York public employees who were no longer able to work would fall into poverty. At the time, Social Security didn’t exist to help supplement post-retirement income. While Social Security was created in 1935, it wasn’t made available to public employees until 1950 and didn’t start in New York until 1953.

NYSLRS in 1950

Under State Comptroller Frank C. Moore, NYSLRS was comprised of 161,686 participants in 1950. Of those, 151,326 were Employees’ Retirement System (ERS) members and 10,360 were retirees and beneficiaries.

You may have noticed that there were no Police and Fire Retirement System (PFRS) members in 1950. We had police and fire members – a little more than 12,000, in fact – but they were considered ERS members until 1967. On April 1, 1967, ERS split into the two systems you know today: ERS and PFRS.

NYSLRS in 1970

Participation in NYSLRS grew to 525,763 in 1970. Of these, 463,939 were members and 51,824 were retirees and beneficiaries. The State Comptroller at the time was Arthur Levitt Sr. Comptroller Levitt is known for having the longest tenure as State Comptroller, serving a total of 24 years from 1955 to 1978.

The 1970s also saw the creation of a new member group. Tier 2 began on July 1, 1973. The creation of Tier 2, and the other tiers that followed, were designed to provide members equitable benefits at a reasonable cost.

NYSLRS in 1990

From 1979 to 1993, Edward V. “Ned” Regan served as State Comptroller. During his time in office, participation in NYSLRS continued to climb, growing to 882,410 in 1990. Of these, 649,847 were members and 232,563 were retirees and beneficiaries.

NYSLRS in 2010

Between 2006 and 2007, participation in NYSLRS broke the one-million-participant mark. In 2010, during current Comptroller Thomas P. DiNapoli’s administration, participation rose to 1,055,020. Of these, 679,217 were members and 375,803 were retirees and beneficiaries.

NYSLRS in 2015

In 2015, overall membership in the System reached 1,073,486. This includes 643,178 members and 430,308 retirees and beneficiaries (the most recent data available). The number of retirees is increasing more quickly than members. For example, in 1995, retirees represented 30 percent of the System’s members. By 2015, that number had increased to approximately 40 percent.

What does 2016 hold for NYSLRS? Keep an eye out in future blog posts for the latest NYSLRS demographics.

Protecting the Pension System

Since taking office, New York State Comptroller Thomas P. DiNapoli has fought against the abuse of public funds. One of his top priorities is to protect the New York State and Local Retirement System (NYSLRS) from pension scammers. With the help of New York State Attorney General Eric Schneiderman, DiNapoli has restored $6 million to the pension system.

Earlier this year, they charged a Polk County, Florida woman with the theft of $120,000 from the pension system. The woman didn’t notify NYSLRS about her uncle’s death, and took out the pension benefits paid to his bank account for 12 years.

“Attorney General Schneiderman and I will continue our partnership to protect public money, including the retirement funds that so many New Yorkers depend upon,” DiNapoli said.

Here are some other pension scamming cases from May:

Defendant Accused of Stealing Deceased Mother’s Benefits

A New Jersey woman allegedly stole over $162,000 in pension benefits. According to the Comptroller and Attorney General’s Office, she failed to notify NYSLRS of her mother’s death. As a result, she continued to receive her mother’s benefits for six years even though her mother didn’t list her as a beneficiary.

If convicted, she could face up to five to 15 years in state prison.

Man Accused Of Stealing Deceased Godfather’s Retirement Benefits

A New Jersey man allegedly stole $78,000 in pension benefits payable to his godfather. When his godfather died in 2003, his godfather’s wife collected the benefits until her death in 2006. The man did not notify NYSLRS of their deaths, and used his power of attorney to access their bank account. He withdrew the pension benefits for six years.

If convicted, he could face up to five to 15 years in state prison.

Double-Dipping Retiree Owes Almost Half a Million Dollars

A retired police officer will repay $456,647 to NYSLRS. From 1996 to 2012, the retiree received a pension while earning a full-time salary at a public community college. Even though he knew of the retiree earnings limit, he exceeded it and didn’t report his public income to the state.

The retiree forfeited all future pension payments he would have earned, and will use them to pay back his debt.

If you want to learn more about how Comptroller DiNapoli safeguards public funds, visit the Comptroller’s Fighting Public Corruption page.

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: