BLOOMBERG -- The rate New York state and its local governments pay to the $160.4 billion pension fund will drop for the first time in five years, Comptroller Thomas DiNapoli said.
DiNapoli, the sole trustee of the plan, sets the rates employers pay every year to ensure obligations to retirees can be met. Rates paid by government employers outside New York Cityfor the fiscal year that starts April 1 will fall to 20.1 percent of wages from 20.9 percent for most employees, and to 27.6 percent from 28.9 for police and firefighters, according to a statement e-mailed by DiNapoli today.
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