State Pension Fund Drops Slightly

ALBANY, N.Y. (AP) — The pension fund for New York state and local government workers has slipped to $158.7 billion after its most recent quarter.

The Common Retirement Fund is reporting a 0.29 percent return on investment for the period ending June 30. It paid out $2.3 billion.

Its estimated value was $160.4 billion at the end of March, an all-time high. It pays benefits to more than 400,000 retirees and beneficiaries.

The fund has recouped losses from the 2008 recession, largely from rebounding stock prices.

State Comptroller Thomas DiNapoli says stock gains were offset by weak fixed-income returns in the latest quarter.

The average employer contribution rate is almost 21 percent of salary for most public workers and nearly 29 percent for police and firefighters.

The fund includes about 650,000 employees, most working.