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February 20, 2013

New York State Common Retirement Fund Announces Third Quarter Results

The New York State Common Retirement Fund’s (Fund) rate of return for the third quarter ending December 31, 2012 was 1.74 percent, according to New York State Comptroller Thomas P. DiNapoli. The Fund’s estimated value at the end of the third quarter was $152.9 billion, near its historical high.

“The New York State Common Retirement Fund has seen steady growth in the second half of 2012 and is on pace for a positive return as we approach the end of the fiscal year on March 31,” DiNapoli said. “Independent reviews of the Fund reveal it is well-run and has a long-term, diversified investment strategy designed to produce positive returns in various market conditions.”

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 FY 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.

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