DiNapoli Announces Decrease in Pension Contribution Rates
August 30, 2013-- New York State Comptroller Tom DiNapoli announced that employer contribution rates for the New York State and Local Retirement System will decline in Fiscal Year 2014-15. The average contribution rate for the Employee Retirement System (ERS) will decrease by 0.8 percent of payroll, from 20.9 percent to 20.1 percent. The average contribution rate for the Police and Fire Retirement System (PFRS) will decrease by 1.3 percent of payroll, from 28.9 percent to 27.6 percent.
The Comptroller said, “The New York State Common Retirement Fund’s strong gains over the last four years have mitigated some of the impact of the financial market collapse of 2008-2009. Strong investment performance, along with a revision in actuarial smoothing, has lowered the employer contribution rate for 2014-15.”
Cuomo Wants to Give Tax Cuts Rather than Create Middle-Class Jobs in Communities
Despite the fact that our communities are continuing to lose good middle-class jobs and the State is expected to have a budget deficit of $1.7 billion, Governor Cuomo said that he will push for a tax cut next year that will likely benefit the wealthiest New Yorkers the most. The Governor has not indicated how this tax cut will be paid for. However, there is a fear that it will be paid for by additional losses of good jobs in communities throughout our State.