{"id":34615,"date":"2021-09-17T08:39:15","date_gmt":"2021-09-17T12:39:15","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=34615"},"modified":"2021-09-17T08:39:15","modified_gmt":"2021-09-17T12:39:15","slug":"state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/","title":{"rendered":"State Comptroller: Employer Contributions To Retirement System Will See A Reduction"},"content":{"rendered":"<p>State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems\u2014the Employees\u2019 Retirement System (ERS) and Police and Fire Retirement System (PFRS).<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>He said the adjusted rates will impact payments in the State Fiscal Year 2022-23.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>In addition, DiNapoli lowered the long-term assumed rate of return on the Fund\u2019s investments from 6.8 percent to 5.9 percent.<\/p>\n<p>\u201cThe fund\u2019s strength gives us the ability to weather volatile markets. Our prudent strategy for long-term, steady returns helps ensure our state\u2019s pension fund will continue to be one of the nation\u2019s strongest and best-funded,\u201d DiNapoli said. \u201cWhile the reduction in employer contribution rates is welcome news for taxpayers, our investment decisions are always made based on what is best for our 1.1 million working and retired members and their beneficiaries.\u201d<\/p>\n<p>The estimated average employer contribution rate for ERS will be lowered from 16.2 percent to 11.6 percent of payroll. The estimated average employer contribution rate for PFRS will be reduced from 28.3 percent to 27 percent of payroll.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><span class=\"s2\"><span class=\"s1\"><!--more--><\/span><\/span>According to the fund\u2019s actuary\u2019s estimates, the expected total employer contributions for Feb. 1, 2023 are $4.4 billion, which is $1.5 billion less than the expected employer contributions during the same period for 2022, the lowest level since 2011.<\/p>\n<p>This marks the fourth time that DiNapoli has lowered the state pension fund\u2019s assumed rate of return as economic and demographic conditions have changed. In 2010, he decreased the rate from 8 percent to 7.5 percent, in 2015 to 7 percent and in 2019 to 6.8 percent.<\/p>\n<p>The median assumed rate of return among state public pension funds is 7.0 percent as of August 2021, according to the National Association of State Retirement Administrators. Thirty-four out of the 133 state public pension plans listed had assumed rates of return of less than 7 percent. There are plans that have a fiscal year end date of June 30, 2021 and many have already announced intentions to lower their assumed rates of return further.<\/p>\n<p>Employer rates for NYSLRS are determined based on investment performance and actuarial assumptions recommended by the Retirement System\u2019s Actuary and approved by DiNapoli. A copy of the Actuary\u2019s report can be found here.<\/p>\n<p>In 2012, DiNapoli began providing employers with access to a two-year projection of their annual pension bill. Employers can use this projection in the preparation of their budgets. Projections of required contributions vary by employer depending on factors such as the types of retirement plans they adopt, salaries and the distribution of their employees among the six retirement tiers.<\/p>\n<p>There are more than 3,000 participating employers in ERS and PFRS, and more than 300 different retirement plan combinations.<\/p>\n<p>Payments based on the new rates are due by Feb. 1, 2023, but employers receive a discount if payment is made by Dec. 15, 2022.<\/p>\n<p>The New York State Common Retirement Fund is the third largest public pension fund in the United States with estimated assets of $268.3 billion as of June 30.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The Fund has consistently been ranked as one of the best managed and best funded plans in the nation. The fund\u2019s fiscal year ends March 31.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems\u2014the Employees\u2019 Retirement System (ERS) and Police and Fire Retirement System (PFRS).\u00a0 He said the adjusted rates will impact payments in the State Fiscal Year 2022-23.\u00a0 In addition, DiNapoli [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems\u2014the Employees\u2019 Retirement System (ERS) and Police and Fire Retirement System (PFRS).\u00a0 He said the adjusted rates will impact payments in the State Fiscal Year 2022-23.\u00a0 In addition, DiNapoli [&hellip;]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Glens Falls Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2021-09-17T12:39:15+00:00\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/\",\"name\":\"State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\"},\"datePublished\":\"2021-09-17T12:39:15+00:00\",\"dateModified\":\"2021-09-17T12:39:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"State Comptroller: Employer Contributions To Retirement System Will See A Reduction\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website\",\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/\",\"name\":\"Glens Falls Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\",\"name\":\"Jake Van Ness\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"caption\":\"Jake Van Ness\"},\"url\":\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/jakev\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/","og_locale":"en_US","og_type":"article","og_title":"State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal","og_description":"State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems\u2014the Employees\u2019 Retirement System (ERS) and Police and Fire Retirement System (PFRS).\u00a0 He said the adjusted rates will impact payments in the State Fiscal Year 2022-23.\u00a0 In addition, DiNapoli [&hellip;]","og_url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/","og_site_name":"Glens Falls Business Journal","article_published_time":"2021-09-17T12:39:15+00:00","author":"Jake Van Ness","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jake Van Ness","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/","url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/","name":"State Comptroller: Employer Contributions To Retirement System Will See A Reduction - Glens Falls Business Journal","isPartOf":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website"},"datePublished":"2021-09-17T12:39:15+00:00","dateModified":"2021-09-17T12:39:15+00:00","author":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86"},"breadcrumb":{"@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2021\/09\/state-comptroller-employer-contributions-to-retirement-system-will-see-a-reduction\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/"},{"@type":"ListItem","position":2,"name":"State Comptroller: Employer Contributions To Retirement System Will See A Reduction"}]},{"@type":"WebSite","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#website","url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/","name":"Glens Falls Business Journal","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86","name":"Jake Van Ness","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g","caption":"Jake Van Ness"},"url":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/author\/jakev\/"}]}},"_links":{"self":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/34615"}],"collection":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/users\/89"}],"replies":[{"embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/comments?post=34615"}],"version-history":[{"count":1,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/34615\/revisions"}],"predecessor-version":[{"id":34616,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/posts\/34615\/revisions\/34616"}],"wp:attachment":[{"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/media?parent=34615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/categories?post=34615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-json\/wp\/v2\/tags?post=34615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}