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New York's pension fund grew at a 9.5 percent rate

Aug 02, 2022 12:34 am

Nick Reisman reports for New York State of Politics that New York's pension fund grew at a 9.5 percent rate in the last fiscal year, growing to $272.1 billion, Comptroller Tom DiNapoli's office reported on Aug. 1. “There has been tremendous volatility in the markets in recent months, but thanks to the state pension fund’s diverse investments, it finished the year above our assumed rate of return,” DiNapoli said. “Still, the turmoil in the markets since Russia’s invasion of Ukraine has sent shockwaves through the financial world with repercussions that are ongoing. With inflation and supply chain issues continuing to impact the economy, we expect a challenging investment environment for the foreseeable future.” New York's pension fund paid out $14.7 billion in retirement and death benefits during the last fiscal year, which ended March 31. DiNapoli's office predicts that the long-term rate of return for the pension fund is 5.9 percent. Read more about this story in New York State of Politics.