The New York State Common Retirement Fund's employer contribution rates will fall in 2008, according to a news release issued by state Comptroller Alan G. Hevesi, sole trustee of the $140 billion fund. Contributions to the State and Local Employees' Retirement System portion of the Albany-based common fund will fall to 9.2% of payroll in 2008, down from 10% in 2007 and 10.7% in 2006. Contributions to the other portion of the common fund, the Police and Fire Retirement System, will be 15.5% of payroll in 2008, down from 15.8% for 2007 but up from 15% for 2006. The decreases are the result of improved investment performance fueled by a strong stock market, according to the release.
John Chartier, a spokesman for Mr. Hevesi, did not return a call by press time.