Wednesday, February 8, 2012

Average NYCERS Pension for FY-2011 = $22,376

While everyone is crying for pension reform for the city retirement systems, here are a few facts that you won't usually see.

As of June 30, 2011 NYCERS was paying retirement benefits to 151,232 retirees. NYCERS paid a total of $3.384B in retirement allowances in FY-2011.

With a little long division that produces an average annual benefit for a NYCERS retiree of $22,376. So that is the great pension that city workers get.

1 comment:

Mike222 said...

I imagine the average is misleading because there are so many employees who "pass through" with just enough years to get a pension at 62 years of age with the vesting rules but not enough years to have a significant pension as a percent of salary. If you have the mean and mode pension numbers I think that would be more meaningful. OR, the average years of service that correlates to the average pension number you gave would be interesting since it would put the numbers in perspective. If you had an average pension for those with 25 or more years of service I think that is more indicative of what the pension amounts being earned are without the distortion caused by those with few years of service.