DiNapoli: NYSLRS Announces Employers’ Retirement System Contribution Rates for 2023-2024

Link: https://www.osc.state.ny.us/press/releases/2022/09/dinapoli-nyslrs-announces-employers-retirement-system-contribution-rates-2023-2024&utm_source=weekly+news&utm_medium=email&utm_campaign=nyslrs&utm_term=contribution+rates&utm_content=20220903

Report: https://www.osc.state.ny.us/files/retirement/resources/pdf/actuarial-assumptions-2022.pdf



New York State Comptroller Thomas P. DiNapoli today announced employer contribution rates for the New York State and Local Retirement System (NYSLRS). Employers’ average contribution rates for the State Fiscal Year 2023-24 will increase from 11.6% to 13.1% of payroll for the Employees’ Retirement System (ERS) and from 27.0% to 27.8% of payroll for the Police and Fire Retirement System (PFRS).

NYSLRS is made up of these two systems, which pay retirement and disability benefits to public employees and death benefits to their survivors.

“The state pension fund’s performance in the fiscal year that ended March 31 was strong, but recent domestic and global economic volatility demands caution,” DiNapoli said. “As we move forward with our prudent investment strategy, we remain focused on long-term stable returns for New York’s public employers and workforce. Uncertainty may be a constant in financial markets, but the rates announced today will help ensure that New York’s pension fund will continue to be one of the nation’s strongest and best funded, ready to provide retirement security for generations to come.”

Author(s): press release of Office of State Comptroller of New York

Publication Date: 1 Sept 2022

Publication Site: Office of the State Comptroller

DiNapoli: Chatham Police Chief Pleads Guilty to Pension Double-Dipping and Defrauding Village

Link: https://www.osc.state.ny.us/press/releases/2021/02/dinapoli-chatham-police-chief-pleads-guilty-pension-double-dipping-and-defrauding-village


State Comptroller Thomas P. DiNapoli, Columbia County District Attorney Paul Czajka, and the New York State Police today announced the guilty plea of former Village of Chatham Chief of Police Peter Volkmann following a joint investigation. As a result of his conviction, Volkmann is required to leave public office.


Volkmann pleaded guilty to grand larceny in the fourth degree for circumventing New York state’s post-retirement income restrictions and cheating the New York State and Local Retirement System out of $74,222. Volkmann hid public-source income from 19 municipalities and school districts in excess of the statutory limit by funneling the earnings through a private business, PF Volkmann & Associates. He also plead to official misconduct, a misdemeanor, for stealing $18,607 from the Village of Chatham by falsifying mileage vouchers and other reimbursements to increase his income. Volkmann will pay a total amount of restitution prior to sentencing in the amount of $92,829 as part of his plea and as a result of his conviction has been removed from office.

Author(s): Thomas DiNapoli

Publication Date: 11 February 2021

Publication Site: Office of the New York State Comptroller