NY State & Local ERS Basics

  • Established 1921
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, NY State & Local ERS, 2001-2019

Fiscal Year Net Assets (billions)
2001 96.46
2002 95.42
2003 82.56
2004 102.53
2005 108.73
2006 121.21
2007 133.13
2008 132.47
2009 94.24
2010 114.06
2011 127.19
2012 130.51
2013 139.75
2014 154.27
2015 161.21
2016 156.25
2017 168.00
2018 180.17
2019 182.72

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2019

Fiscal Year NY State & Local ERS US State and Local Pensions
2001 1.9 2.5
2002 1.8 2.4
2003 1.8 2.3
2004 1.7 2.2
2005 1.7 2.1
2006 1.6 2.1
2007 1.6 2.0
2008 1.6 2.0
2009 1.6 1.9
2010 1.5 1.8
2011 1.4 1.7
2012 1.4 1.6
2013 1.3 1.5
2014 1.3 1.5
2015 1.2 1.5
2016 1.2 1.4
2017 1.2 1.4
2018 1.2 1.3
2019 1.1 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for NY State & Local ERS, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 0.7 0.0 5.0 0.7
2002 1.4 0.0 4.8 1.4
2003 3.1 0.0 5.7 3.1
2004 5.7 0.0 7.3 5.7
2005 12.4 0.0 9.0 12.4
2006 11.2 0.0 9.3 11.2
2007 10.1 0.0 10.0 10.1
2008 9.4 0.0 10.4 9.4
2009 8.1 0.0 10.2 8.1
2010 7.5 0.0 10.5 7.5
2011 14.9 0.0 12.5 14.9
2012 16.0 0.0 12.9 16.0
2013 18.5 0.0 13.9 18.5
2014 21.0 0.0 14.5 21.0
2015 19.6 0.0 14.9 19.6
2016 17.0 0.0 14.8 17.0
2017 15.2 0.0 15.1 15.2
2018 14.8 0.0 18.1 14.8
2019 14.8 0.0 18.7 14.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for NY State & Local ERS, 2001-2019

Fiscal Year NY State & Local ERS National Data
2001 120.1 106.5
2002 118.9 101.1
2003 98.7 94.2
2004 100.5 93.1
2005 102.8 91.1
2006 104.1 90.5
2007 105.8 91.2
2008 107.3 90.2
2009 101.0 83.2
2010 93.9 81.5
2011 90.2 80.4
2012 87.2 78.9
2013 99.5 78.7
2014 92.0 79.0
2015 93.8 78.2
2016 94.1 76.3
2017 94.4 76.4
2018 95.1 76.5
2019 95.1 76.3

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for NY State & Local ERS, 2019

Category Percent
Equities 51.7
Fixed Income 22.1
Private Equity 9.3
Real Estate 7.5
Cash 2.9
Other 0.0
Commodities 1.5
Hedge Fund 5.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.0
Fixed Income 22.8
Private Equity 9.2
Real Estate 8.8
Cash 1.9
Other 0.0
Commodities 1.9
Hedge Fund 7.0
Misc. Alternatives 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for NY State & Local ERS, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 54.7 31.9 6.1 4.7 0.0 0.0 0.0 2.6 0.0
2002 60.1 29.1 5.8 4.4 0.0 0.0 0.0 0.0 0.0
2003 54.0 34.1 6.7 5.0 0.0 0.0 0.0 0.0 0.0
2004 63.0 25.1 6.3 4.1 1.6 0.0 0.0 0.0 0.0
2005 63.5 23.5 7.1 3.9 2.1 0.0 0.0 0.0 0.0
2006 62.8 20.6 7.6 4.4 4.7 0.0 0.0 0.0 0.0
2007 57.9 21.4 7.6 4.7 5.5 0.0 0.0 3.0 0.0
2008 54.7 23.8 7.7 5.6 4.2 0.0 0.0 3.5 0.0
2009 44.3 33.3 10.2 6.6 3.5 0.0 0.0 2.2 0.0
2010 55.2 25.5 8.9 4.7 2.3 0.0 0.0 2.9 0.0
2011 54.3 21.1 10.1 5.8 5.7 0.0 0.0 3.1 0.0
2012 52.5 22.2 10.3 6.8 4.9 0.0 0.0 3.4 0.0
2013 51.6 24.0 9.1 7.5 4.0 0.0 0.0 3.8 0.0
2014 52.7 23.4 8.0 7.6 3.7 0.0 0.0 4.2 0.0
2015 51.1 25.8 7.7 7.0 2.8 0.0 0.0 5.2 0.0
2016 50.9 25.0 8.1 7.5 3.1 0.0 0.0 5.5 0.0
2017 53.9 22.9 8.2 7.1 2.9 0.0 0.0 5.0 0.0
2018 55.3 22.3 8.5 6.9 1.6 0.0 0.4 5.0 0.0
2019 51.7 22.1 9.3 7.5 2.9 0.0 1.5 5.0 0.0

Source: Public Plans Database

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Annual Return as of March 31 for NY State & Local ERS, 2001-2019

Fiscal Year NY State & Local ERS Assumed return
2001 -8.65 8.00
2002 2.76 8.00
2003 -10.20 8.00
2004 28.83 8.00
2005 8.51 8.00
2006 14.59 8.00
2007 12.58 8.00
2008 2.56 8.00
2009 -26.38 8.00
2010 25.87 8.00
2011 14.57 7.50
2012 5.96 7.50
2013 10.38 7.50
2014 13.02 7.50
2015 7.16 7.50
2016 0.19 7.50
2017 11.48 7.00
2018 11.35 7.00
2019 5.23 6.80

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
NY State & Local ERS
2001-2019

Fiscal Year Cash Flow Assets
2001 -3,025.7 96,463.2
2002 -3,350.9 95,420.1
2003 -3,360.0 82,555.3
2004 -3,182.7 102,526.9
2005 -2,005.0 108,733.5
2006 -2,484.2 121,208.9
2007 -2,877.5 133,134.8
2008 -3,351.7 132,473.7
2009 -3,863.1 94,242.3
2010 -4,330.1 114,057.6
2011 -3,292.8 127,191.9
2012 -3,367.5 130,506.0
2013 -3,255.4 139,747.0
2014 -2,970.2 154,273.4
2015 -3,642.2 161,213.3
2016 -4,632.9 156,253.3
2017 -5,443.2 168,004.4
2018 -5,960.2 180,173.2
2019 -6,595.5 182,718.1

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
NY State & Local ERS
2001-2019

Fiscal Year NY State & Local ERS National Average
2001 -3.1 -2.3
2002 -3.5 -2.3
2003 -4.1 -2.6
2004 -3.1 -1.7
2005 -1.8 -1.9
2006 -2.0 -1.9
2007 -2.2 -1.7
2008 -2.5 -1.9
2009 -4.1 -2.7
2010 -3.8 -2.9
2011 -2.6 -2.8
2012 -2.6 -3.1
2013 -2.3 -3.0
2014 -1.9 -2.7
2015 -2.3 -2.8
2016 -3.0 -3.0
2017 -3.2 -2.9
2018 -3.3 -2.4
2019 -3.6 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

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2019 Financial Reports

Benefits

Website for NY State & Local ERS benefit descriptions.