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DiNapoli: NYSLRS Announces Employers' Retirement System Contribution Rates for 2023-2024

New York State Comptroller Thomas P. DiNapoli today announced employer contribution rates for the New York State and Local Retirement System (NYSLRS). Employers’ average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees’ Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS).

NYSLRS is made up of these two systems, which pay retirement and disability benefits to public employees and death benefits to their survivors.

State Contract and Payment Actions in July

In July, the Office of the State Comptroller approved 1,232 contracts for state agencies and public authorities valued at $2.2 billion and approved more than 1.8 million payments worth more than $9.4 billion. The office rejected 120 contracts and related transactions valued at $294.2 million and nearly 2,100 payments valued at nearly $58.1 million, primarily for mistakes, insufficient support for charges, and improper payments. More information on these contracts and payments is available at Open Book New York.

New York’s Agriculture Industry: A Resilient Part of State and Local Economies

The agriculture industry supports jobs and communities throughout New York State. The COVID-19 pandemic and economic shutdown led to job losses across almost all industries in New York, but the agricultural sector proved to be among the most resilient, losing just 1 percent of jobs in 2020 compared to a statewide annual employment loss of 8.7 percent. Both employment and wages in the farming sector grew in 2021 to reach new highs.

DiNapoli: Despite Challenges, Agriculture Among the Most Resilient State Industries During the Pandemic

Agriculture in New York state paid close to $1 billion in wages and produced roughly $3.3 billion in gross domestic product in 2021, according to a report by New York State Comptroller Thomas P. DiNapoli. The sector has proved to be among the most resilient during the COVID-19 pandemic, losing just 1% of jobs in 2020 compared to the statewide annual employment loss of 8.7%.

NYS Common Retirement Fund Reports Estimated First Quarter Results

The New York State Common Retirement Fund’s (Fund) estimated return in the first quarter of the State Fiscal Year (SFY) 2022-23 was -8.24% for the three-month period ending June 30, 2022, according to New York State Comptroller Thomas P. DiNapoli. The Fund ended the quarter with an estimated value of $246.3 billion.

NYS Pension Fund Launches Review of Integrated Oil & Gas Companies

The New York State Common Retirement Fund (Fund) is evaluating 28 publicly traded integrated oil and gas companies to determine if they are prepared for the transition to a low-carbon economy, New York State Comptroller Thomas P. DiNapoli, the Fund’s trustee, announced today. Each company is being asked to provide information on its readiness to transition to the emerging net zero economy.