New York State’s biggest public pension fund underperformed last year, returning 154 basis points less than the 7.5 percent return assumed in its actuarial calculations, which in turn ultimately drive taxpayer-funded pension contributions.

Returning 8.3% for pensioners, taxpayers

No surprise there, really: more than half the pension fund assets are invested in domestic and foreign stocks, which had a very rocky ride during the fund’s April 1 through March 31 fiscal year. Indeed, if it hadn’t been for the stock market’s bounce-back in the first quarter of this calendar year, the pension fund would have fallen even further below target.

Fortunately for taxpayers, the pension fund’s other investment categories performed more strongly than stocks, according to the state comptroller’s office.  Among the stronger categories were private equity — like, you know,those vampire guys — which returned 8.3 percent.

Tom DiNapoli, meet Corey Booker.

P.S. — And to think that, during the Tier 6 fight a few months ago, some public employee unions were warning that Governor Cuomo wanted to “let Wall Street gamble with your pension.”