New York State’s pension fund experienced a -4.14% rate of return during the last fiscal year amid a volatile financial climate, according to State Comptroller Tom DiNapoli’s office. Market turbulence was largely due to uncertainties surrounding the Federal Reserve’s potential interest rate hike designed to temper the economy.
Despite the fund’s negative performance, DiNapoli reassured that the pensions of members, retirees, and beneficiaries remain secure due to the fund’s diversified investments. He acknowledged forthcoming challenges related to recession fears and possible interest rate escalations but remained confident in the fund’s capacity to navigate these adversities.
Despite the decrease in the fund’s rate of return, its current value stands at $248.5 billion. The fund paid out $14.7 billion during the fiscal year, which concluded on March 31. The overall stability of the fund is expected to continue supporting its beneficiaries in the foreseeable future.
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