Retirees Contribute
Public
to the Central New York Economy
Workers who have retired from service in State and local government play an important role in
Central New York’s economy. There are more than 37,000 public service retirees, representing
3.2 percent of Central New York’s population, in this eight-county region. This area is known as a thriving center of
education, industry, and high tech, but the region also benefits greatly from the economic contributions public service
retirees make to the community.
Boosting the Economy
Public entities support thousands of jobs in Central New York;
the SUNY Upstate University Hospital is the region’s number
one employer, providing jobs for more than 9,000 people.
The 37,726 public service retirees in Central New York receive
more than $780 million in pension benefits each year. Investment earnings of the Common Retirement Fund pay for more
than 75 percent of these benefits. Retirees pay an estimated
$131 million in property taxes — 5.7 percent of the total collected in the region, exceeding their proportional share of
the population. Additionally, these retirees pay an estimated
$56 million in State and local sales taxes.
Public service retirees don’t just provide tax revenue —
they create employment. The goods and services NYSLRS
retirees consume are responsible for generating an estimated
6,900 jobs in Central New York.
Calendar Year 2015
6
5
5.7%
4
of the Central
New York
real-property
taxes paid
3
2
1
3.2%
of the Central
New York population
0
Central New York retirees and their beneficiaries
paid $131 million in property taxes —
5.7 percent of the total collected in the region.
Future of the Region
There are currently 49,963 members of the New York State
and Local Retirement System working in Central New York.
Among that group, 17,900 are expected to retire over the
next decade. These retirees will continue to spend money,
pay taxes, and contribute to the well-being of our community.
Most NYSLRS members stay here after retiring.
Of the 440,943 retirees and beneficiaries receiving benefits,
78 percent have remained New York State residents.
NYSLRS
NYSLRS
New York State and Local Retirement System
Sources: NYSLRS Comprehensive Annual Financial Report; U.S. Census Bureau; OSC analysis.
Office of the New York State Comptroller
Thomas P. DiNapoli
(Rev. 10/16)