Friday, February 25, 2011

NY Pension Fund Posts 6% Rate of Return | The Business Review

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New York state’s pension fund posted a 6 percent rate of return in its most recent quarter, a $7.8 billion net gain in value, officials said Tuesday.

The fund’s assets are now worth $140.6 billion, as of the end of 2010, said Comptroller Thomas DiNapoli. The fund’s assets have not been that large since mid-2008.

The fund remains the third-largest public pension system in the nation, behind two in California.

DiNapoli said the fund benefited from a rally in the equities market experienced during the final three months of 2010. The pension fund runs on the same fiscal year as the state, ending March 31.

The fund pays $7.7 billion of benefits every year. There are 1.06 million state or local government workers, retirees and beneficiaries who belong to the system.

The state pension fund, combined with the teachers’ retirement system, pays $1 billion of benefits a year to residents in the four core Capital Region counties of Albany, Rensselaer, Schenectady and Saratoga.