State retirement fund hits all-time high

[hrmjustin]

The state Comptroller's Office Monday announced that the New York state Common Retirement Fund was valued at $106.4 billion as of March 31 — its highest-ever value, with an average rate of return of 10.38 percent for the 2012-2013 fiscal year.

Comptroller Thomas DiNapoli's office predicts pension payments by local governments will still be higher through the next fiscal year to offset the market losses of 2008-2009.

"It will take us five years to work through the loss," said Vicki Fuller, chief investment officer for the Comptroller's Office. "So we are on the right track towards the fund rebounding, but we have one more year of rate increase that the [local] governments will have to face."

The comptroller noted his office's conservative steps in managing the fund, which included revitalization, better oversight and transparency within the system, pointing out that the fund is the third-largest public pension fund in the country and is also "one of the nation's best managed and best funded pension plans," DiNapoli said.

Read more at http://www.legislativegazette.com/Articles-Top-Stories-c-2013-05-14-83773.113122-State-retirement-fund-hits-alltime-high.html

[orpupilofnature57]

1. I'm 51 weeks away, the first reassuring thing I've heard in

13 yrs, money wise .

[hrmjustin]

2. Well it looks like Dinapoli was a good choice in the end.

Spitzer gave Silver a hard time when it came to his appointment but he is doing a good job.

[orpupilofnature57]

3. Alan Hevesi was a genius, and unfotunately...

a crook .

[hrmjustin]

4. I voted for Alan in the Mayoral Primary in 2001. I never thought he would do those things.

Just proves you never know.