Retirement Systems for Public Employees in New York State [Discussion]

The four retirement systems which Dr. Robbins describes in his paper include the oldest systems in this country operating on a reserve basis. The New York City Teachers' Retirement System appears to be the first retirement system for public employees in the United States to call for contributions by and in behalf of new members added to the system, which are set by actuarial calculations to provide on a reserve basis during the active service of the teachers the benefits to be paid as the result of the teachers' service. The system was established to replace one which had become insolvent by reason of a failure to observe fundamental actuarial principles, and represented a very considerable forward step on the part of the city.