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State retirement fund posts 14.6% return

Rochester Business Journal
July 14, 2011

The New York State Common Retirement Fund’s rate of return was 14.6 percent for the fiscal year ending March 31, with an estimated fund value of $146.5 billion, the Office of the State Comptroller said Thursday.

The fund returned 26 percent for the 2009-10 fiscal year after losing 26 percent of its value in 2008-2009.

“The fund remained resilient during a tough economic period,” state Comptroller Thomas DiNapoli said in a statement. “We’ve come a long way back. The strong returns should reassure our beneficiaries and New York taxpayers that the fund is strong and sustainable.”

The fund is the third-largest public pension fund in the country. It provides benefits to more than 1 million state and local government employees, retirees and beneficiaries.

“There still are reasons to be cautious about the economic recovery,” DiNapoli said, “but the results are a good sign that the fund has weathered the worst of the downturn. We’re on the right course.”

(c) 2011 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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