The New York State Common Retirement Fund’s investment return was 11.55% for the state fiscal year ending March 31, 2024. State Comptroller Thomas DiNapoli said the fund ended the year with an estimated value of $267.7 billion.
“Strong performance across asset classes has boosted state pension fund investment returns over the past year, with many companies reporting better-than-expected earnings and consumer spending remaining strong,” DiNapoli said. “While inflation continues and global tensions pose risks to investors, the fund’s prudent management and long-term approach means it is well-positioned to weather any storm and continue to provide retirement security to the public servants it serves.”
The value of the fund reflects $16.07 billion in retirement and death benefits paid during the fiscal year. Employer contribution rates are determined based on several years of investment results and numerous other actuarial assumptions, including wage growth, inflation, retirement age and mortality. A key component of the fund’s strength are state and local governments, who continue to pay contributions.
As of March 31, 2024, 42.85% of the fund’s assets are invested in publicly traded equities. The remaining fund assets are allocated across cash, fixed income and mortgages (22.26%), private equity (14.60%), real estate and real assets (12.77%), credit, absolute return strategies and opportunistic alternatives (7.52%).
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