New York pension fund reaches record $209B

Ken Lovett

New York Daily News

Feb 12, 2018

The state pension fund ended 2017 at an all-time high, state Controller Thomas DiNapoli is set to announce Monday.

The fund has hit $209.1 billion, said DiNapoli, the state pension system’s sole trustee. That’s up 8.7% from the fund’s $192.4 billion value at the start of the fiscal year on April 1. The overall third-quarter rate of return in the final three months of 2017 was 4.1%.

“A strong equities market continued to provide solid returns on investments during the last three months of 2017,” DiNapoli said.

The numbers do not include the dramatic drop in the market last week.

“Notwithstanding recent volatility, we have welcomed the stock market’s nearly decade-long rise,”DiNapoli said.

“Our foremost goal will always be to find stable, long-term returns that will continue to provide retirement security for the pension fund’s more than 1 million members, retirees and beneficiaries,” DiNapoli said.

The fund had 40% of its assets invested in publicly-traded domestic equities, 23.7% in bonds and mortgages, and 18.1% in international public equities, 7.6% in private equities, and 6.5% in real estate.

The plan, the third-largest public pension fund in the country, covers more than 1 million current and retired workers from state and local governments, excluding New York City.

DiNapoli argues the system remains among the best-funded in the country.