The $160.4 billion state pension fund earned an estimated 10.38 percent rate of return on investments for the fiscal year that ended March 31, according to New York Comptroller Thomas DiNapoli.
The New York State and Local Retirement System provides benefits to more than a million state and local government employees, retirees and beneficiaries. Investment returns have funded 82 percent of the cost of benefits in the last 20 years, the comptroller said in a statement.
New York has the third largest public pension fund in the country and is one of the nation’s best-managed and best-funded plans, DiNapoli said. An independent review completed in February by Funston Advisory Services “found that it is well-run, operates with an industry-leading level of transparency and invests effectively on behalf of its members.”
“The New York State Common Retirement Fund has reached a milestone,” he said. “The Fund ended the fiscal year at an estimated $160.4 billion, an all-time high, and it remains well-positioned for growth as the financial markets continue to gain strength. Fiscal year 2014-2015 will be the final year that employer contribution rates will reflect the market loss of 2008-2009.”
These were the returns for the various asset classes in the pension fund:
—14.48 percent for domestic equities (36 percent of all investments)
—4.87 percent for fixed income (28.2 percent of all investments)
—9.47 percent for non-U.S. equities (14.1 percent)
—11.75 percent for private equity (8.6 percent)
—11.08 percent for real estate (6.8 percent)
—13.88 percent for global equities (2.8 percent)
— 7.95 percent for absolute return strategies (3.2 percent)
—7.89 percent for opportunistic alternatives (0.2 percent).