State’s Common Retirement Fund Value Nears Record High
The New York State common retirement fund’s rate of return for the third quarter ending Dec. 31 was 1.74 percent, according to New York State Comptroller Thomas DiNapoli.
The fund’s estimated value at the end of the third quarter was $152.9 billion, near its historical high.
In 2009, DiNapoli initiated quarterly performance reporting by the fund, which had previously disclosed its results only on an annual basis. DiNapoli’s efforts to increase transparency and accountability regarding fund management and performance were cited as industry leading in an independent review of the fund conducted by Funston Advisory Services.
At the end of fiscal year 2012, the fund’s funded status was 87 percent, placing it among the highest funded ratios of public pension plans in the country. Because of superior investment performance over the last 20 years, 82 percent of benefit costs have been paid for by investment returns.