Page 3 - Retiree News Summer 2025

From State Comptroller Thomas P. DiNapoli:
NYSLRS retirees contribute to New York state’s economy
Sign in to Retirement Online (www.bit.ly/RO-sign-in) to manage your NYSLRS account:
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.
DiNapoli
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:
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
• •
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
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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.