Post by Chris_Wendt on Aug 28, 2013 11:58:13 GMT -5
NYS Comptroller Tom DiNapoli, the sole Trustee of the NYS ERS Pension Fund, indicated a small reduction from this year's ERS employer contribution rate, effective April 1. The reduction, caused by good investment returns for the ERS Pension Fund, will be from 20.9% of payroll down to 20.1% of payroll, paid by the Wantagh School District for all covered non-teaching personnel. At 20+ percent of payroll, the dollar amount will still be a very large number in our school budget.
NYS ERS covers eligible CSEA maintenance & cleaning people, clerical staff and others in Wantagh Schools.
In separate news which you will only read here, NYSTRS, the Teachers Retirement Fund, has raised its employer contribution rate from 11.84% of covered payroll to 16.25% of covered payroll, and will use that same contribution rate (16.25%) for next year. This represents teacher pension cost increase of several million dollars on the school budget over last year. Relax--you already voted (in May) to approve that budget with this cost increase included for the current (2013-14) school year.
It could be questioned how come the ERS can reduce school district contribution rates while the TRS is increasing school district's contribution rates? Bad investing? I doubt it.
Regards,
Chris Wendt
Source: Pensions & Investments News article (hyperlink)
NYS ERS covers eligible CSEA maintenance & cleaning people, clerical staff and others in Wantagh Schools.
In separate news which you will only read here, NYSTRS, the Teachers Retirement Fund, has raised its employer contribution rate from 11.84% of covered payroll to 16.25% of covered payroll, and will use that same contribution rate (16.25%) for next year. This represents teacher pension cost increase of several million dollars on the school budget over last year. Relax--you already voted (in May) to approve that budget with this cost increase included for the current (2013-14) school year.
It could be questioned how come the ERS can reduce school district contribution rates while the TRS is increasing school district's contribution rates? Bad investing? I doubt it.
Regards,
Chris Wendt
Source: Pensions & Investments News article (hyperlink)