NYSLRS retirees help build a strong New York

y supporting local businesses, helping to create jobs and paying their fair share of taxes, NYSLRS retirees and beneficiaries contribute to the economic health of our communities. And because NYSLRS provides a lifetime monthly benefit retirees can count on, pensions boost local economies in good times and bad, helping to build a stronger New York.

During 2024, approximately 79 percent of NYSLRS retirees and beneficiaries — more than 415,500 — lived in New York state and were responsible for $19.2 billion in economic activity.

The property taxes paid by NYSLRS retirees provide financial support for schools, roads and government services across the state. In 2024, NYSLRS retirees paid $2.2 billion in property taxes. While that’s 3.1 percent of the total property taxes collected in New York, in some areas of the state, that figure is even higher. For example, retirees in the Capital District paid $271 million in property taxes, which was 9.4 percent of the property taxes collected in the region. In the North Country, 8.6 percent of the property taxes collected were paid by retirees in the region.

NYSLRS retirees also provide a stable customer base for local businesses. In 2024, they spent $16.9 billion on goods and services within New York state, providing opportunities for new businesses, helping to grow existing companies and creating jobs. This spending was responsible for an estimated 81,500 jobs and generated an estimated $949 million in state and local sales taxes. Spending and job creation were highest on Long Island (19,000 jobs), in the Capital District (12,800 jobs) and in Western New York (10,600 jobs).

As the number of NYSLRS retirees in our state grows, you can count on their help in building a stronger New York for years to come.

For more information, visit the Retirees Contribute webpage (bit.ly/retirees-contribute) and click on the New York state map to see statistics for each region.