May 20, 2014
By Stephanie West
The New York State Common Retirement Fund is now valued at an estimated $176.2 billion, the highest amount ever. The pension fund has reached an estimated 13.02 percent rate of return. “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. 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 is 7.5 percent, which 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.