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Long Island News

N.Y. Retirement Payroll Withholdings To Be Reduced In 2023, According To N.Y. Comptroller

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New York State Comptroller Thomas DiNapoli announced a reduction to the amount local governments must pay into public pension funds.

The amount employers must withhold from payroll for the pensions will be reduced from about 16% to under 12% beginning in 2023.

That’s because the investments in the New York State and Local Retirement Fund made more money than expected, which helps offset the size of new contributions.

DiNapoli said the payroll withholding reduction will ease the burden of pension costs on local town and city governments.