NY Pension Fund Loses $2 Billion Amid ‘Challenges’
New York’s pension fund for state and local government workers declined to $178.3 billion following a negative return of less than 1 percent in its latest quarter, the comptroller’s office reported Wednesday.
Comptroller Thomas DiNapoli, the fund’s sole trustee, says investor “challenges” in the quarter ending Sept. 30 followed a “robust” previous quarter when the fund reached a record $180.7 billion. The fund has 38 percent in domestic stocks, 17 percent in international stocks, 27 percent in cash, bonds and mortgages, 8 percent in private equity, and 7 percent in real estate and the rest in other investments.
The Common Retirement Fund has almost 650,000 employees and pays benefits to about 425,000 retirees and beneficiaries. DiNapoli announced in September that the contribution rates paid by governments will decrease starting from April 1, from 20.1 percent to 18.2 percent.
This article appeared in print on page 6 of edition of Hamodia.
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