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Update on Value of State Pension Fund

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According to a report released by the State Comptroller’s Office, the estimated value of the New York State Common Retirement Fund (Fund) was $259.9 billion at the end of the third quarter of state fiscal year 2023-24. For the three months ending Dec. 31, 2023, Fund investments returned an estimated 6.18%.

“The markets have seen an improvement over the past quarter, but some volatility remains,” State Comptroller Thomas DiNapoli said. “Economic opinions are mixed about the year ahead and uncertainty persists. Still, thanks to our prudent management and long-term strategy, our pensioners and members can remain confident that their pension benefits are safe.”

The Fund’s value reflects retirement and death benefits of $4.2 billion paid out during the quarter. Its audited value was $248.5 billion as of March 31, 2023, the end of last state fiscal year.

As of Dec. 31, the Fund had 41.84% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (22.62%), private equity (14.75%), real estate and real assets (13.30%) and credit, absolute return strategies, and opportunistic alternatives (7.49%).

The Fund’s long-term expected rate of return is 5.9%.

DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his ongoing efforts to increase accountability and transparency.

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