Editor’s Note: State Comptroller Thomas P. DiNapoli has written this column to provide important updates to CSEA Retiree members.
After a career of public service, most retirees of the New York State and Local Retirement System (NYSLRS) remain in New York state.
Because NYSLRS provides a lifetime monthly pension benefit they can count on, NYSLRS retirees contribute to the economic health of their communities.
During 2023, approximately 79% of NYSLRS retirees and beneficiaries—more than 410,000—lived in New York state and were responsible for $18.2 billion in economic activity.
The property taxes NYSLRS retirees pay provide financial support for schools, roads and government services across New York state. In 2023, NYSLRS retirees paid $2.3 billion in property taxes. That’s 3.3% of the total collected in New York, but in some areas of the state, the figure is even higher. For example, retirees in the Capital District paid $264 million in property taxes, which was 9.3% of the property taxes collected in the region. In the North Country, 8.3% of the property taxes collected were paid by retirees in the region.
NYSLRS retirees are particularly important to merchants because retirees provide a stable foundation of customers for local businesses. In 2023, they spent $15.7 billion within New York state. Their purchases of goods and services provided opportunities for new businesses in New York, helped grow existing companies and created jobs. Their spending was responsible for an estimated 78,400 jobs and generated an estimated $881 million in state and local sales taxes. Spending and job creation were highest in these three regions:
On Long Island, NYSLRS retirees spent approximately $3.3 billion on goods and services, supporting 18,800 jobs.
In the Capital District, NYSLRS retirees spent approximately $2.4 billion on goods and services, supporting 11,900 jobs.
In Western New York, NYSLRS retirees spent approximately $2 billion on goods and services, supporting 9,800 jobs.
By paying taxes, supporting local businesses and helping to create jobs, NYSLRS retirees bring value to the communities where they live, boosting local economies and helping to build a stronger New York.
For more information, visit the Retirees Contribute webpage at https://www.osc.ny.gov/retirement/retirees/retirees-contribute-new-york-states-economy and click on the New York state map to see statistics for each region.