Skip to main content
You have permission to edit this article.
Edit

Letter: State pension fund column missed mark

  • Updated

A recent column titled "Municipalities should avoid pension temptation" does not provide the full story on the investment returns of the New York State Common Retirement Fund. Critics of public pensions conveniently use a selective time frame to discuss performance.

The fact is that our average three-year return is 9.75 percent, five-year return is 13.78 percent, the 10-year return is 7.26 percent, the 15-year return is 6.51 percent and the 20-year return is 8.77 percent. Our current long-term assumed rate of return is 7.5 percent. New York state's public pension fund is one of the best performers in the country.

The solid performance of our investments is reported quarterly to increase transparency. The fund's performance at the end of the fiscal year is the number that is figured into the contribution rate paid by government employers. A rate decline was announced in August 2013.

The solid performance for 2014 will be factored into the rates to be announced in August 2014. The rates will be based on actuarial analysis. To suggest otherwise is simply not true.

Our solid investment strategy has grown the fund to a record $176.2 billion. That's good news for our state's retired and active public employees, government employees and taxpayers.

Thomas P. DiNapoli

Albany

DiNapoli is New York state comptroller.

0
0
0
0
0

Catch the latest in Opinion

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News