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.


More in:

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.


"The Capitol Pressroom" with Susan Arbetter at 11 am

For show archives, please visit The Capitol Bureau's website here.

About The Empire

Everything you need to know about New York politics and governance. We aim for a ground-up approach to politics, reverse engineered to make the effect just as important as the players and the game they play. From the Long Island to The Thousand Islands, New York City Hall to the Capitol Building, The Empire's got you covered.

Check out WNYC's 2013 Mayor Tracker--the one-stop shop for info about the candidates, issues and trends in the upcoming New York City mayoral election.


Our Reporters


Supported by