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Pension rates drop for fiscal 2014-15; first drop in 4 years

Local governments got a small break Tuesday in the rates they will have to pay to support New York’s public-employee pension fund: for the first time in four years, pension rates are going down.

The state comptroller’s office, which sets the rates, announced that local governments will enjoy a slight decrease in fiscal 2014-15. Municipalities will have to pay 20.1 percent on every dollar local-government employees earn — down from 20.9 percent from the current fiscal year.

Local governments will pay 27.6 percent on what police and fire employees earn — down from the current 28.9 percent.

“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,” state Comptroller Tom DiNapoli said in a statement. “Strong investment performance, along with a revision in actuarial smoothing, has lowered the employer contribution rate for 2014-15.”

Tags: Tom DiNapoli

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