New York State and Local Retirement System

News from the Retirement System

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.

The Deficit Reduction Plan and Final Average Salary

Final Average Salary (FAS) is the average of a member’s three highest consecutive years of earnings, subject to limitations, and are usually the last three years prior to retirement.

The following information only applies to employees of State agencies.

CSEA Members: Reduced earnings and five fewer days worked will be reported to us for fiscal year 2011–2012. If this year falls within an FAS calculation, we will take five days and the equivalent salary from the prior year. As a result, there will be little or no impact on the FAS.

Since the fiscal year 2012–2013 salary reduction will be repaid, if an FAS falls within this year, the reduction will have no impact.

PEF and M/C Members: Although reduced earnings will be reported to us for fiscal years 2011–2012 and 2012–2013, the salary will be repaid. If the reduction or repayment period falls within an FAS calculation, the repaid salary will be included, and there will be no impact on the FAS.

News from the Retirement System

Comptroller DiNapoli Speaks at National Public Pension Coalition

The Deficit Reduction Plan and Final Average Salary

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