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State retirement fund posts 14.6% return

By THOMAS ADAMS - 7/14/2011 2:36:03 PM

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.”

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