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N.Y. pension contribution costs lowered

By THOMAS ADAMS - 8/27/2013 5:00:13 PM

Average contributions to the state pension system in the next fiscal year will drop 0.8 percent for public workers and 1.3 percent for police and firefighters, the state comptroller’s office announced Tuesday.

Contributions to the Employee Retirement System will average 20.1 percent of payroll in 2014-15, down from 20.9 percent in 2013-14, Comptroller Thomas DiNapoli said.

Average contributions for the Police and Fire Retirement System will be 27.6 percent, down from 28.9 percent, he said.

“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 2008-09,” DiNapoli said in a statement.

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

Rates are based on actuarial assumptions recommended by the retirement system’s actuary.

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