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About NYSTRS |
| Our Vision |
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To be the best public retirement system, continually working to exceed customer expectations. |
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The New York State Teachers’ Retirement System (NYSTRS, or the System) was established in 1921 by an act of the state Legislature to administer a defined benefit plan. Its purpose is to manage the fund from which NYS public school teachers and administrators (excluding those in New York City) receive retirement benefits. Benefits are statutory and paid in accordance with the laws enacted by the Legislature.
The System’s financial information and internal controls are subject to audit by the New York State Insurance Department, the Office of the State Comptroller and the Retirement System’s Audit Department. An independent certified public accountant annually reviews the System’s financial statements and actuarial assumptions.
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| Our Mission |
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To provide the membership with timely service and accurate benefit payments, and to assure the funding of these benefits by utilizing proper actuarial techniques and maximizing investment returns. |
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| Funding |
| Funds to provide benefits are derived from: |
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Investments — Funds are invested in equities, bonds and real estate
according to an asset allocation policy designed to maximize returns
through diversification while limiting risks to the portfolio. |
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Employer contributions — Each participating employer contributes
a percentage of its member payroll.The rate is adopted annually by
the Board and is the same for all members, regardless of tier. |
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Member contributions — All members joining on or after July 27,
1976, contribute 3% of reportable salary to the pension fund until
they have been a member for 10 years or are credited with 10 years
of service, whichever comes first. |
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| Board of Trustees/Staff |
| A 10-member Board sets policy and oversees System operations. The make-up of the board is prescribed by law: |
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Three teacher members are elected, one each year, by delegates
to the System’s Annual Meeting; |
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One retired member is elected by a mail vote of all NYSTRS retirees; |
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Two school administrators are appointed by the State Commissioner of
Education; |
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Two present or former school board members, experienced in the fields of finance and investment,
are elected by the
Board of Regents from recommendations made by the New York State
School Boards Association.
At least one of these individuals must have experience as an executive of an insurance company; |
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One present or former bank executive is elected by the Board of
Regents; and, |
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The State Comptroller or designee. |
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All members serve without compensation for three-year terms, except for the
Comptroller, who serves while in office.
Thomas K. Lee, Executive Director, heads a staff of over 350 full-time
employees responsible for the day-to-day operation of the System.
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