NEW YORK STATE AND LOCAL RETIREMENT SYSTEM

NEW YORK STATE AND LOCAL RETIREMENT SYSTEM

Schedules of Employer Allocations and Schedules of Pension Amounts by Employer March 31, 2020

(With Independent Auditors' Report Thereon)

NEW YORK STATE AND LOCAL RETIREMENT SYSTEM Schedules of Employer Allocations and Schedules of Pension Amounts by Employer March 31, 2020

Table of Contents

Independent Auditors' Report Schedules of Employer Allocations:

New York State and Local Employees' Retirement System New York State and Local Police and Fire Retirement System Schedules of Pension Amounts by Employer: New York State and Local Employees' Retirement System New York State and Local Police and Fire Retirement System Notes to Schedules of Employer Allocations and Schedules of Pension Amounts by Employer

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3 73

84 132 140

KPMG LLP 515 Broadway Albany, NY 12207-2974

Independent Auditors' Report

The Retirement Board New York State and Local Retirement System:

We have audited the accompanying schedules of employer allocations of the New York State and Local Employees' Retirement System (ERS) and New York State and Local Police and Fire Retirement System (PFRS) as of and for the year ended March 31, 2020, and the related notes. We have also audited the total for all entities of the columns titled net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total pension expense (specified column totals) included in the accompanying schedules of pension amounts by employer of ERS and PFRS as of and for the year ended March 31, 2020, and the related notes.

Management's Responsibility for the Schedules Management is responsible for the preparation and fair presentation of these schedules in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedules that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility Our responsibility is to express opinions on the schedules of employer allocations and the specified column totals included in the schedules of pension amounts by employer based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the schedules of employer allocations and specified column totals included in the schedules of pension amounts by employer are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the schedules of employer allocations and specified column totals included in the schedules of pension amounts by employer. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the schedules of employer allocations and specified column totals included in the schedules of pension amounts by employer, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the schedules of employer allocations and specified column totals included in the schedules of pension amounts by employer in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the schedules of employer allocations and specified column totals included in the schedules of pension amounts by employer.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

Opinions In our opinion, the schedules referred to above present fairly, in all material respects, the employer allocations and net pension liability, total deferred outflows of resources, total deferred inflows of resources, and total pension expense for the total of all participating entities for the New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System as of and for the year ended March 31, 2020, in accordance with U.S. generally accepted accounting principles. Other Matters We have audited, in accordance with auditing standards generally accepted in the United States of America, the financial statements of the New York State and Local Retirement System, which include ERS and PFRS, as of and for the year ended March 31, 2020, and our report thereon, dated July 24, 2020, expressed an unmodified opinion on those financial statements. Restriction on Use Our report is intended solely for the information and use of the New York State and Local Retirement System management, the Comptroller's Advisory Audit Committee of the New York State and Local Retirement System, and New York State and Local Retirement System employers and their auditors and is not intended to be and should not be used by anyone other than these specified parties.

August 24, 2020

2

01128 01129 01130 01132 01133 01171 01172 01173 01174 01175 01176 02880 02881 02885 02899 10001 10002 10003 10004 10005 10006 10007 10008 10009 10010 10011 10012 10013 10014 10015 10016 10017 10018 10019 10020 10021 10022 10023 10024 10025 10026 10027 10028

NEW YORK STATE AND LOCAL RETIREMENT SYSTEM New York State and Local Employees' Retirement System

Schedule of Employer Allocations As of and for the year ended March 31, 2020

Location code

Indexed present value

of future compensation

$

48,053,382

82,461,918

73,552,719

26,347,231

39,894,230

40,809,358

29,719,480

48,124,961

28,697,661

25,481,560

31,649,223

743,980,791

2,314,124,002

2,800,482,540

91,163,753

1,087,889,098

210,321,394

830,581,714

456,167,607

312,630,666

513,454,483

425,241,152

221,747,132

374,314,862

372,369,321

232,361,322

205,725,141

1,081,592,627

2,343,895,755

197,824,749

178,270,239

191,346,740

295,038,222

211,206,536

43,150,970

160,652,857

370,340,222

364,851,615

389,066,627

266,021,702

2,322,711,743

163,023,032

3,872,991,359

3

Employer allocation percentage

0.0231263% 0.0396859% 0.0353982% 0.0126799% 0.0191996% 0.0196400% 0.0143029% 0.0231608% 0.0138111% 0.0122633% 0.0152316% 0.3580505% 1.1137024% 1.3477688% 0.0438737% 0.5235608% 0.1012199% 0.3997283% 0.2195366% 0.1504576% 0.2471067% 0.2046529% 0.1067187% 0.1801439% 0.1792076% 0.1118269% 0.0990079% 0.5205306% 1.1280305% 0.0952057% 0.0857949% 0.0920881% 0.1419910% 0.1016459% 0.0207670% 0.0773163% 0.1782311% 0.1755896% 0.1872434% 0.1280264% 1.1178354% 0.0784570% 1.8639277%

(Continued)

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