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Home » News » New York State » State’s pension fund valued at $246B despite market challenges

State’s pension fund valued at $246B despite market challenges

  • / Updated:
  • Staff Report 

New York State Comptroller Thomas P. DiNapoli reported that the New York State Common Retirement Fund (Fund) was valued at $246.3 billion at the end of the second quarter of the 2023-24 fiscal year. This figure comes despite a challenging quarter in which the Fund’s investments returned an estimated -1.59% for the period ending September 30, 2023. The Fund’s value reflects the payment of $4.09 billion in retirement and death benefits during the quarter.

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DiNapoli highlighted the turbulent economic conditions, including rising interest rates and global instability, contributing to the market’s volatility. He emphasized the importance of the Fund’s long-term investment strategy and diversified portfolio, designed to sustain the Fund’s strength across generations. The Fund, which is crucial for public employee pensions, had an audited value of $248.5 billion as of March 31, 2023, marking the end of the last fiscal year.

The investment portfolio of the Fund is diverse, with 44.14% in publicly traded equities as of March 31. Other significant allocations include 21.53% in cash, bonds, and mortgages, 14.61% in private equity, 13.39% in real estate and real assets, and 6.33% in credit, absolute return strategies, and opportunistic alternatives. The Fund’s long-term expected rate of return is set at 5.9%. DiNapoli’s initiative for quarterly performance reporting, started in 2009, continues to enhance the Fund’s accountability and transparency.



Categories: New York StateNews