The New York State Common Retirement Fund (the Fund) is valued at an estimated $176.2 billion, its highest amount ever, for the fiscal year that ended March 31.
The fund produced an estimated 13.02 percent rate of return in the last year, New York State Comptroller Thomas DiNapoli said in a statement released today.
“The strength of the domestic-equity market, coupled with strong private equity and real-estate returns, drove much of our growth. The Fund’s diversified asset allocation continued to help generate strong positive returns. The financial markets have given investors a wild ride the last few years but our investment strategy has allowed us to capitalize on opportunities and minimize risks,” DiNapoli said.
(Sponsored)
Vishing, Phishing, Smishing – What You Need to Know
By Dan Smith Director of Engineering Services It might be tough to keep track of all the different terms for cyber scams these days. First, “phishing” was the term for
New Sexual Harassment Policy and Training Requirements. Does Your Policy Comply?
New York State requires all employers to provide annual sexual harassment prevention training and a harassment policy to its employees. This requirement applies to all employees, including hourly and salaried,
The Fund is the third-largest public-pension fund in the country, according to DiNapoli’s office.
The Fund, which serves the New York State and Local Retirement System, provides benefits to more than 1 million state and local government employees, retirees, and beneficiaries.
Over the last 20 years, the state has funded 80 percent of benefits from investment returns, DiNapoli’s office said.
The long-term expected rate of return, or benchmark, for the Fund is 7.5 percent, which is the rate that allows it to meet current and future retirement benefits, according to the comptroller.
The Fund in the 2012-13 fiscal year earned a 10.38 percent return on investments and was valued at $160.7 billion, as of March 31, 2013, DiNapoli’s office said.
Contact Reinhardt at ereinhardt@cnybj.com
