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Capital District News
Thu May 24, 2012
NYS Comptroller Reports Pension Funds Up
New York State Comptroller Tom DiNapoli says the state’s pension fund has “successfully weathered” another economic storm. He reports returns are the highest since global market meltdown of 2008. Capitol Correspondent Karen DeWitt reports…
Comptroller Tom DiNapoli says despite another volatile year in the markets, the pension fund for the hundreds of thousands of state worker retirees performed at a rate of 5.96%. The total fund is valued at $150.3 billion dollars, the highest since before the Great Recession.
DiNapoli says the economy appears to show signs that it has “successfully rounded the corner from the economic downturn."
“We anticipate we will see steady growth in the US market over the next few years,” he said.
The increase was lower than the years before the global market meltdown, when the pension fund routinely increased by double digits from year to year.
DiNapoli says there continues to be worries, though, including the unknown impact of the ongoing European debt crisis.
In Albany, I’m Karen DeWitt.