UPDATE: State pension fund doubles projected return in FY 2011
Thursday, July 14, 2011 - 12:42 PM
New York State Comptroller Thomas DiNapoli's office today reported the state's general pension fund ended its fiscal year with a 14.5 percent return--nearly double the fund's 7.5 percent assumed rate of return. The fund was estimated to be worth $146.5 billion, hitting its highest point since the economic downturn of 2008.
"We've come a long way back. The strong returns should reassure our beneficiaries and New York taxpayers that the Fund is strong and sustainable," DiNapoli said in a press release. "There still are reasons to be cautious about the ongoing recovery, but the results are a good sign that the Fund has weathered the worst of the downturn."
UPDATE: Capital Confidential is reporting that the pension returns aren't the only good news at the state level. State revenues are also reportedly on the rebound. From the article:
"One of the more telling charts was #11 which shows that in New York, major taxes in the Fiscal Year to Date are up 11.6 percent."
Check out the full story here.