New York State Comptroller Tom DiNapoli announced that the New York State Common Retirement Fund returned 5.84% on its investments for the fiscal year ending March 31, 2025. The fund closed the fiscal year with an estimated value of $272.8 billion.
DiNapoli: Fund remains stable despite market volatility
“Market volatility has been pronounced in the first half of 2025,” DiNapoli said, citing political uncertainty out of Washington and global economic pressures. “The state pension fund’s sound management and long-term approach has weathered previous market ups and downs and remains well-positioned to provide the retirement benefits state and local government employees have earned.”
Despite short-term fluctuations, the Fund has continued to perform strongly over time:
- 5-year average return: 10.6%
- 10-year average return: 7.74%
- Long-term expected return: 5.9%
Where the money is invested
By the end of March 2025, the fund had distributed its investments across various asset classes.
- Public equities: 39.2%
- Cash, bonds, mortgages: 23%
- Private equity: 14.9%
- Real estate and real assets: 14.1%
- Credit and alternative strategies: 8.8%
The fund also paid out $16.7 billion in retirement and death benefits during the fiscal year.
How employer contributions are calculated
Annual employer contributions are influenced by multi-year investment performance, as well as actuarial assumptions like:
- Wage growth
- Inflation
- Retirement age
- Mortality rates
Local and state governments’ consistent contributions are a critical factor in the Fund’s stability, DiNapoli noted.
One of the nation’s top-performing public funds
The New York State Common Retirement Fund serves over one million public workers, retirees, and beneficiaries. It continues to rank among the best-managed and best-funded public pension systems in the country.
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