NYSTRS distributes more than $6.5 billion in benefits annually, with 80% of that total paid to New York State residents. A new addition to NYSTRS.org allows you to see how those dollars are distributed.
The Benefits Paid by County page features a hover-over map of the state and its counties. Simply place your mouse pointer over a county to see the NYSTRS pension dollars paid and the number of benefit recipients for that county for the fiscal year ended June 30, 2015. The map is found in the Pension Education Toolkit and the Press Room.
The more than $5 billion in System benefits paid to New Yorkers has a significant impact on state and local economies. As benefit recipients spend their money in local communities, one person’s spending becomes another person’s income, creating a multiplier effect.
According to the National Institute on Retirement Security (NIRS), expenditures stemming from New York’s state and local pensions support:
- More than 270,000 jobs that pay some $17 billion in wages and salaries;
- $7.4 billion in federal, state and local tax revenues; and,
- $44.3 billion in total economic output.
NIRS estimates that in New York each dollar paid in pension benefits generates about $1.70 in total economic activity.
For additional facts and figures about pensions, visit the Pension Education Toolkit at NYSTRS.org.