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Saturday, September 28, 2024

Public pension contributions in New York State hit $19.6 million mark in 2022

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New York Governor Kathy Hochul (2023) | New York State Official Website

New York Governor Kathy Hochul (2023) | New York State Official Website

In 2022, New York had received $19.6 million in contributions to its public pension funds, according to data obtained from the U.S. Census Bureau's Annual Survey of Public Pensions.

Of that amount, $8.1 million was in state pension funds, and the remaining $11.5 million was in local government pension funds.

The survey includes public pensions sponsored by local and state government entities with employees who are compensated with public funds. The local governments include counties, townships, school districts and special districts.

The data gathered includes revenues, expenditures, financial assets, membership and liabilities information.

It's worth noting that residents in Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming are not subject to state income taxes.

The Census Bureau cautions that not all respondents answer all survey questions. Thus, some fields were left blank.

New York reported data from nine pension systems, including three state-level pension funds and six local-level systems. The total number of pension system members was 2,469,522 (1,630,166 at the state level and 839,356 at the local level).

Contributions to New York's public pension funds
LocalStateLocal & State
Employee contributions$1,334,518$768,447$2,102,965
Government contributions$10,122,955$7,363,001$17,485,956
Total Contributions$11,457,473$8,131,448$19,588,921
Source: US Census Bureau

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