May 12, 2014, Contact: Press Office (518) 474-4015
DiNapoli: State Pension Fund Reaches Record High of $176.2 Billion
Earns 13.02 Percent Return on Investments in FY 2014
New York State Comptroller Thomas P. DiNapoli announced today an estimated 13.02 percent rate of return for the New York State Common Retirement Fund (Fund) now valued at an estimated $176.2 billion, the highest amount ever, for fiscal year ending March 31, 2014.
“It was a stellar year for us. The Fund grew in value to a historic high of $176.2 billion," DiNapoli said. “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.”
The Fund is the third-largest public pension fund in the country and remains one of the nation’s best-managed and best-funded pension plans. The New York State and Local Retirement System provides benefits to over one million state and local government employees, retirees and beneficiaries. Over the last 20 years, 80 percent of benefits have been funded from investment returns.
The long-term expected rate of return, or benchmark, is 7.5 percent, which is the rate that allows the Fund to meet current and future retirement benefits. Last year, the Fund earned a 10.38 percent return on investments and was valued at $160.7 billion.
The value and rate of return for prior years can be found here:
A graph showing the Fund’s value since 1993 can be found here: http://www.osc.state.ny.us/press/docs/nyscrf_values_graph_2014.pdf .