Who’s watching the shop? Are public sector pensions going to cripple average citizens?
The number of New York State and Local Retirement System (NYSLRS) retirees receiving six-figure pensions almost quadrupled over the last decade, increasing from 2,075 in 2012 to 8,237 in 2022, according to new data posted today on SeeThroughNY, the Empire Center’s transparency website.
The new data include pension information for 1,535 newly-retired full career police and firefighters—so defined after 20 years of service — enrolled in New York’s Police and Fire Retirement System (PFRS). In total, over $2.1 billion in pension benefits were paid to PFRS retirees in 2021. The average pension payment for newly retired full career police and firefighters was $87,347.
PFRS retirees represent just nine percent of the most recent cohort of pensioners in the New York State and Local Retirement System (NYSLRS), but constitute at least 55 percent of those receiving for six-figure pensions, according to the newly posted data, which includes pension data for 462,568 NYSLRS members.