Comptroller discloses 2013-14 retirement system contribution rates

State Comptroller Thomas DiNapoli recently disclosed increases to the contribution rates for employers participating in the New York State and Local Retirement System that will take effect in the state”™s 2013-14 fiscal year.

For the 2013-14 fiscal year, which begins April 1, 2013, the average employer contribution rate to the Employee Retirement System (ERS) will increase from 18.9 percent of salaries to 20.9 percent.

The average contribution rate for employers participating in the Police and Fire Retirement System (PFRS) will increase from 25.8 percent of salaries to 28.9 percent.

Projections of required contributions will vary by employer depending on factors such as retirement plans, salaries and the distribution of employees among the six retirement tiers.

Rates for specific plans and tiers are available on the comptroller”™s website at http://osc.state.ny.us/retire/employers/index.htm.

Because the ERS rate increase will be 2 percentage points higher than the previous year, no portion of an employer”™s ERS contribution will be excludable from the tax cap.

Since the PFRS rate increase is 3.1 percentage points higher than the previous year, the portion of the PFRS contribution equal to 1.1 percent of salaries will be excludable from the tax cap.