New York State Comptroller Thomas DiNapoli announced the figures in a news release posted to his website last Friday.
The latest return is down from the 13.02 percent return the state retirement fund generated in FY 2014. And it’s also slightly below the 7.5 percent that DiNapoli says is the fund’s long-term expected rate of return.
“The fund performed well over the past year despite the challenges in the market,” DiNapoli contended in the news release.
The New York State Common Retirement Fund is the third-largest public pension fund in the country.
Over the last 20 years, investment returns have funded 80 percent of benefits, DiNapoli’s office said.
Employer and employee contributions cover the remainder of the benefits cost. Investment results over a multi-year period along with “numerous” other actuarial assumptions, including wage growth, inflation, age of retirement, and mortality, determined the contribution amount, the office added.
Contact Reinhardt at ereinhardt@cnybj.com