N.Y. State fund to cut employer contributions

Employer contributions to the $154.5 billion New York State Common Retirement Fund, Albany, will be cut by 2009 because the system is 104% funded, said Robert Whalen, a spokesman for New York state Comptroller Thomas DiNapoli. Mr. DiNapoli is sole trustee of the state retirement fund. The contribution rates will drop to 8.5% of payroll from 9.6% in 2008 for the Employees’ Retirement System, and to 15.7% from 16.6% for the Police and Fire Retirement System, both parts of the overall fund. In 2007, the rates were 10.7% for the ERS and 17% for the PFRS.