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News from the Retirement System
New Pension Tier Enacted
Members who join the Employees’ Retirement System (ERS) and the Police and Fire Retirement System (PFRS) on or after April 1, 2012 will be in Tier 6. Current members in all other tiers will not be affected by this legislation. Read an overview of Tier 6 benefit information for members.
DiNapoli’s Statement on Tier 6
The agreement reached between the Governor and the Legislature on Tier 6 will reduce pension costs for new employees. But this new tier will not significantly lower costs for local governments in the short run. I am pleased that it does not include the inadequate 401k-style plan originally proposed. More...
Comptroller DiNapoli Speaks at National Public Pension Coalition
Comptroller Thomas P. DiNapoli spoke about the strength of the New York State Common Retirement Fund, the advantages of defined benefit plans and the issue of retirement security at a recent National Public Pension Coalition meeting in Washington, D.C. Watch a video of the panel discussion including the Comptroller’s remarks.
Pension Fund Gains in Third Quarter
The New York State Common Retirement Fund (Fund) was valued at $140.3 billion after Fund investments posted an estimated 4.83 percent rate of return for the third quarter ending December 31, 2011. Comptroller Thomas P. DiNapoli credited the gains to a rally in the equities markets. More...
Featured Video
This Public Pension System Works
Comptroller DiNapoli sets the record straight about New York’s pension system, making it clear that all public pension systems are not equal. More...