What Every Employer Should Know
The Governmental Accounting Standards Board (GASB) no longer requires the computation of the traditional (GASB 25) funded ratio. The new GASB Statement No. 67 requires the disclosure of the ratio of the fiduciary net position to total pension liability. The fiduciary net position is the plan’s net assets at fair value. Total pension liability is the present value of projected benefits already earned by employees. For the fiscal year ended March 31, 2016, the ratios are 90.7 for the Employees’ Retirement System (ERS) and 90.2 for the Police and Fire Retirement System (PFRS).
However, even more important than this current ratio is NYSLRS’ discipline to collect the actuarially determined contributions. That is what sets us apart from many systems and one of the reasons we are so well funded.
The average employer contribution rates for 2018 will be 15.3 percent in ERS, and 24.4 percent in PFRS. This is a reduction of 0.2 for ERS and an increase of 0.1 for PFRS.