The overall return for the New York State Common Retirement Fund (CRF) in the third quarter of State fiscal year 2016–2017 was 1.11 percent for the three-month period ending December 13, 2016, with an estimated value of $186 billion, according to New York State Comptroller Thomas P. DiNapoli.
The Variable Contribution Rate (VCR) application has been updated for State fiscal year 2018 (April 1, 2017 – March 31, 2018). This application provides non-State employers with the contribution rates for their Tier 6 employees. Please review the rates for your Tier 6 employees so you can withhold the correct contributions for them.
The Post-Retirement Reporting (PRR) program allows school districts and BOCES to comply electronically with the reporting requirements of Retirement & Social Security Law (RSSL) Section 217. The PRR program enables employers to report all public retirees on their payroll online, and to notify the Retirement System when a NYSLRS retiree exceeds the Section 212 earnings limit, which is currently set at $30,000 per calendar year. Please take a few minutes to learn more about the program.
The legislation that created Tier 6 established variable contribution rates for members based on their annualized wage. This video will help you understand how rates are determined and your important role in the process.