Key Takeaways
- • New York State Comptroller Thomas P. DiNapoli announced the New York State Common Retirement Fund returned 11.55% for the state fiscal year ended March 31, 2024.
- • The Fund closed the year with an estimated value of $267.7 billion, after paying $16.07 billion in retirement and death benefits during the fiscal year.
- • As of March 31, 2024, 42.85% of Fund assets were in publicly traded equities, with private equity at 14.60% and real estate and real assets at 12.77%.
- • The Fund's long-term expected rate of return is 5.9%, and its annual valuation date is tied to the state fiscal year.
Summary
New York State Comptroller Thomas P. DiNapoli announced that the New York State Common Retirement Fund's investment return was 11.55% for the state fiscal year that ended March 31, 2024. The Fund closed the year with an estimated value of $267.7 billion.
DiNapoli attributed the strong performance to returns across asset classes, noting that many companies reported better than expected earnings and that consumer spending remained strong. He cautioned that inflation persists and that global tensions pose risks to investors, but said the Fund's prudent management and long-term approach leave it well positioned to weather any storms and continue providing retirement security to the public employees it serves.
The Fund's value reflects retirement and death benefits of $16.07 billion paid out during the fiscal year. According to the Comptroller's office, employer contribution rates are determined by investment results over a multi-year period, along with actuarial assumptions including wage growth, inflation, retirement age and mortality. State and local governments, which consistently pay their contributions, were described as integral to the Fund's strength.
As of March 31, 2024, the Fund had 42.85% of its assets in publicly traded equities. The remainder was allocated to cash, bonds and mortgages (22.26%), private equity (14.60%), real estate and real assets (12.77%), and credit, absolute return strategies and opportunistic alternatives (7.52%). The Fund's long-term expected rate of return is 5.9%.
The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees, retirees and beneficiaries. The Comptroller's office notes the Fund has consistently been ranked one of the best managed and best funded plans in the nation.
DiNapoli attributed the strong performance to returns across asset classes, noting that many companies reported better than expected earnings and that consumer spending remained strong. He cautioned that inflation persists and that global tensions pose risks to investors, but said the Fund's prudent management and long-term approach leave it well positioned to weather any storms and continue providing retirement security to the public employees it serves.
The Fund's value reflects retirement and death benefits of $16.07 billion paid out during the fiscal year. According to the Comptroller's office, employer contribution rates are determined by investment results over a multi-year period, along with actuarial assumptions including wage growth, inflation, retirement age and mortality. State and local governments, which consistently pay their contributions, were described as integral to the Fund's strength.
As of March 31, 2024, the Fund had 42.85% of its assets in publicly traded equities. The remainder was allocated to cash, bonds and mortgages (22.26%), private equity (14.60%), real estate and real assets (12.77%), and credit, absolute return strategies and opportunistic alternatives (7.52%). The Fund's long-term expected rate of return is 5.9%.
The New York State Common Retirement Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees, retirees and beneficiaries. The Comptroller's office notes the Fund has consistently been ranked one of the best managed and best funded plans in the nation.
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