DiNapoli: Pension Fund Continued Recovery In Fiscal 3Q
22.3 Percent Return Through First Three Quarters Boosts Fund to $129.4 Billion
The New York State Common Retirement Fund (Fund) has posted an estimated 22.3 percent rate of return through December 31, 2009, the end of the Fund fiscal year’s third quarter, increasing the value of its holdings to approximately $129.4 billion, according to New York State Comptroller Thomas P. DiNapoli. Overall, Fund investments posted a nearly 3.4 percent rate of return in the third quarter.
“Slowly but surely, the Fund is recovering from one of the worst global recessions in modern history,” DiNapoli said. “Our strategy of long-term investing through broad asset diversification has helped the New York State pension fund maintain its position as one of the strongest in the nation. Our goal is to protect taxpayers and keep members’ benefits secure, and that’s exactly what we’re doing.”
DiNapoli also noted that the Pew Center on the States today released a report recognizing New York as one of the best-funded system in the U.S. and a “solid performer” among its peers. The Pew report scored state pension plans on how well they manage their retirement obligations, placing New York and 15 others in the top category.
DiNapoli last year initiated quarterly performance reporting by the Fund, which had previously disclosed its results annually. This practice is part of DiNapoli’s reform efforts to increase transparency and accountability regarding Fund management. The Fund will close its current fiscal year March 31, 2010.