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Office of the New York State Comptroller

Snapshot of the New York State Common Retirement Fund

Overview:

  • Estimated value (as of June 30, 2011): $146.9 billion, third largest pension plan in the United States.
  • 3,035 state and local government employers participate in the pension system.
  • More than one million members, retirees and beneficiaries.
  • $7.66 billion paid out in benefits in fiscal year 2009-10.
  • There are two different systems that receive benefits from the New York State Common Retirement Fund (CRF). They are the Police and Fire Retirement System (PFRS) with 66,039 members, retirees and beneficiaries and the Employees' Retirement System (ERS) with 988,981 members, retirees and beneficiaries. Together, these systems constitute the New York State & Local Retirement System (NYSLRS).

Investments:

  • Equity investments (70 percent of portfolio): Under state law, the CRF may invest up to 70 percent of its assets in equities. Ten percent of the CRF’s total investments can be in international equities; 5 percent in real estate; and up to 25 percent in any investment that meets prudent investor standards. The CRF’s investments in private equity, real estate in excess of 5 percent, international equities in excess of 10 percent, and absolute return strategies (hedge funds) are authorized for the fund as long as they meet the prudent investor standard.
  • Fixed income (30 percent of portfolio): There is no limit on the amount of investment grade, dollar-denominated bonds the CRF may invest in.

Employer Contribution Rates:

  • FY 2012 average contribution rates: 16.3 percent of payroll for ERS; 21.6 percent of payroll for PFRS.
  • Employers contributed roughly $2.34 billion to the Retirement System in FY 2010, while benefits paid exceeded $7.66 billion.
  • Employees contributed $284.3 million in FY 2010. State and local government employees are required to contribute 3 percent of gross earnings to the Retirement System for 10 years.
  • Employer and employee contributions have helped the Fund remain fully funded.

Member Information:

  • Overall membership in NYSLRS: 1,055,020
    • 679,217 employees
    • 375,803 retirees and beneficiaries
    • 94% are members of ERS; 6% are members of PFRS

Average Pensions:

  • Average pension for ERS retirees in FY 2010: $18,300
  • Average pension for PFRS retirees in FY 2010: $39,808