NY pension fund return for 1st quarter: 0.29%

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It wasn’t the greatest quarter the state’s retirement fund. It produced a rate of return of 0.29 percent, Comptroller Thomas DiNapoli said today.

But it could have been worse. DiNapoli’s spokesman Eric Sumberg noted that last year’s first quarter result was -0.92 percent. Yet the fund ended the 2012-13 fiscal year up 10.4 percent.

DiNapoli 5The goal is an annual rate of return of 7.5 percent. That’s the rate set by the fund’s actuary. And depending on whether pension fund meets its target directly impacts what local governments and the state pay for retirement benefits.

Municipalities and the state are still digging out from the 2008 and 2009 recession, when the stock market plummeted — along with the pension fund. That’s led to soaring pension costs in recent years — putting heavy pressure on local budgets.

The fund ended the quarter valued at $158.7 billion. It provides benefits to 1 million retirees and current workers.

“The Fund’s positive performance in the markets was offset by a weak return in our fixed income holdings in the first quarter of the fiscal year,” DiNapoli said in a statement. “Our investment strategy is geared toward the long-term and we will continue to keep that perspective as we focus on providing strong returns year after year.”

The pension fund was outperformed by the S&P at a 2.9 percent return; the Dow Jones Industrial Average at 2.27 percent and the NASDAQ at 4.15 percent. But DiNapoli’s office warns that the indices aren’t the best benchmark because the pension fund is also invested in bonds, private equity and hedge funds, which had a negative quarter.

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  1. HABIBHASAN-An American Storyteller on

    Really!. . . It wasn’t the greatest quarter the state’s retirement fund. It produced a rate of return of 0.29 percent, Comptroller Thomas DiNapoli said today.”

    . . . .and Who said that the Present ” Carlos Danger”!

  2. HABIBHASAN-An American Storyteller on

    Yes! I agree with Bergie! Can you imagine Ladies and Gentlemen a State of New York Office of ( I think of) as one of the Most Important Functions; with ( of couse ) without Any ( not bastard, I mean legitimate ) Let, stay to the Point don’t try to carry away. . . ” Bastard” means ” illegitimate” in The Language The United States Constitution was Written back in the Days!. . . By the way! Why does it hurt, if I am use the word ” Bastard” and what were You thinking? Oh! Nothing! . . . Sure! I guess so! Its a very Moral! But. . .Gentlemen and Ladies ( I guess ) please carry on! Hey! Enjoy, It doesn’t affct My Heath! ( unless the Major Cities of Cosmopolitan American Hospital start admitting 100s of Emergency Room Patients ( and the PRESS chooses to not inform the Public by almost burying the News of the Epidemic Rise of Hepatitis ( that Spread in San Francisco, New York and San Diego!) Go Google it! And Check the US Surgeon General Press Release at the Beginnings of Summer 2013!

    Well! I have no idea when such things spread out of an Epidemic because its ” now indirectly legal” to Spread it! Yes! And, if it spreads all around like a Disease, ( of Course ) there are no ” concerns or law ” to Protect those who Go to the Churches! FACT AND VERY VALID POINT EVEN CONSTITUTIONAL! ( Under Equal Justice Clause )

    Its like DRUNK DRIVING and ( as it happened a few days ago at Tappanzee Bridge a Collision under the influence of Pot and Alcohol a driver drove on coming traffic)

    That was charged under the Law! But, who is going to be charged, if not My Fault someone spreads as the Surgon General Press Release ?

    Lets say! Its a Free Country ( or as it appears to be from inside ) but is it?
    We are reading the State Controller Singing a ” Barging Song for 0 29%! Can you believe it! Its actually very Shameful! Madoff gave his Lovers more than this bragging headline. . .

    Let’s go back to the Topic; The Controller Office is actually without any laws like a impotent using viagra! And, feeling Macho for four Hours! Cool! Right! I know, I write very nice! One Guy tried to insult me in Front of a Very Beautiful Girl! ( you will not believe who he was when I tell you, sometime )

    Any way! I can write , but don’t like to update or explain the context, if someone who reads my writing and can’t even know what I am talking about! Either stay updateed like me reading 7 National Newspaper and its not My Fault, if someone drops High School! And, Its late. . .I don’t want to sway away to another topic!
    Conclusion is that what good is the Controller Office, if it is used and abused to stepping up for running for NYC’s Rat Reserved Position or a Coming Back Queen Spitzer Sex Show!.

    No offense intended But America is not exclusive Property of these Politically Correct Cowdump!

  3. Jackson Davies on

    Yeah, markets go up and down driven by the Wall St sharks and insider info demons who control it day in day out.
    And Yeah, the usual litany of junk slamming the NYS Pension Fund (at a fund balance of nearly $160 Billion) will flow out of the mouths of the righties again…wait for it…
    And yeah, close to 78% of NYS Pension retirees stay RIGHT HERE IN NY after they retiree and spend those retiree pensions (average is about $19,000 per year) right here in NYS.

  4. HABIBHASAN-An American Storyteller on

    Look! The Real American Journalists and News Analysts are saying in the ear of “widespread koshering of Candidates using American Offices of Public Trust; not just first time and proving their worthless character and abuse the ” Oath of Office!.

    Alas! The Wailing Wall, Bethlehem or Mecca makes no Separation of Politics when its the Reemergence of Rat Inflected NY City Subways ( as several times Reported in Front Page of DAILY NEWS! ( FACT ) . . . Go Check the Archive, I mean it and True There are a lot of Rates very big ones too! In NEW York City.

    And Carlos Danger doesn’t give up endangering The United States!

    And, Looking at Eliot Spitzer Governor turned Pime! But! That’s How And What I think of him!

    A Guy who Cheated his Beautiful Wife and says Sorry! I doubt things can be the same when he —-s again an Oath of Office?

    Hey! Look! Spitzer is not marrying a Public Office! And, I am a Guy don’t go that way. . LOL