Local pension contributions to decline slightly
Employer contributions rates into the state's retirement system will decline slightly next year, state Comptroller Thomas P. DiNapoli announced today.
The average contribution rate will drop by .8 percent of payraoll for the Employee Retirement System and will decrease by 1.3 percent of payroll for the Police and Fire retirement system.
“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,” DiNapoli said in a statement. “Strong investment performance, along with a revision in actuarial smoothing, has lowered the employer contribution rate for 2014-15.”
Because pension cost rates have decline, there will not be any tax cap exceptions for the coming fiscal year.