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(56) As of 2011, there are still 11,022 active NYSLRS members from Tier I who will have no cap on final average salary calculation when they retire.
Regan, where the legislature was rebuffed in its attempt to change the funding method of New York State and Local Retirement System (NYSLRS) from an aggregated cost method, which requires funding some benefits before they accrue, to a projected unit credit method, which would have allowed the state to find a "surplus" in the pension fund and dramatically reduce the amount that employers would have been required to pay into the system.
Either the legislature must pass new legislation that the Governor signs; the trustee of the system (in the case of NYSLRS, the State Comptroller) could make the change by administrative discretion; or both could be required.
Lastly, the trustee (at least in the case of the comptroller for the NYSLRS) could legally implement this reform if the legislature does not expressly stipulate that the contributions must be collected in some other way.
The most widely used rate across the nation is 8.0%, which is the rate used by all of the New York funds except NYSLRS. Id.
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- Nysmyth's membrane