New York State's largest public pension fund earned 7.16 percent — short of its 7.5 percent target — during the fiscal year ending March 31, state Comptroller Thomas DiNapoli announced today.
The $183.5 billion Common Retirement Fund, of which DiNapoli is sole trustee, had previously announced a first-quarter gain of 3.8 percent, a second-quarter loss of 0.52 percent and a third-quarter gain of 1.91 percent.
New York State's largest public pension fund earned 1.91 percent during the quarter ending Dec. 31, state Comptroller Thomas DiNapoli announced today.
Meanwhile, the New York State Teachers' Retirement System (NYSTRS) has confirmed its contribution rate will drop for the first time in five years when pension bills for 2015-16 come due in the fall.
Neither announcement says much about the long-term future path of taxpayer-funded pension costs in New York, however.
If Sheldon Silver remains a rank-and-file legislator after stepping down as Assembly speaker, he will be losing money on the deal, according to the Empire Center's pension calculator.
A bill expanding the share of New York public pension funds that can be invested in complex, high-risk alternative assets such as private equity and hedge funds has been vetoed by Governor Andrew Cuomo.
Retired New York state and local government employees under the age of 65 cannot collect full public pension benefits if they earn more than $30,000 by returning to work for a state or local agency – but the earnings limit for younger retirees collecting both pensions and pay from government can be waived “temporarily” in certain circumstances.
State Comptroller Thomas DiNapoli likes to point out that he oversees one of the nation's best-funded public pension systems. That's true—although, given the competition, it's not nearly as impressive as it may sound.
The $300 billion California Public Employees' Retirement System (Calpers), America's largest public pension fund, is eliminating its $4 billion stake hedge funds due to their "complexity, cost, and the lack of ability to scale," the fund's interim chief investment officer has just announced. But the the $180 billion New York State and Local Retirement System (NYSLRS), the nation's second largest public pension fund, is poised to move in the opposite direction.
Massive but partially hidden funding shortfalls are a feature, not a bug, of New York City's public pension system and its counterparts across the country.
Two late-breaking bills stand out among more than a half-dozen pension sweeteners passed by New York’s state Legislature during the final days of the 2014 session. One would restore a benefit cut by Gov. Cuomo's Tier 6 reform, and the other would vastly expand pension credit for time served in the military.
Both houses of the New York State Legislature have now approved a bill expanding the share of public pension funds that can be invested in complex, high-risk alternative assets such as private equity and hedge funds.
New York’s public pension funds will have the green light to significantly increase their asset allocations to “alternative investments,” such as private equity and hedge funds, under a bill that looks greased for passage in both houses of the state Legislature.
Comptroller Thomas DiNapoli’s announcement today of “stellar” pension fund investment earnings in fiscal 2014 doesn’t mean tax-funded pension costs will be headed rapidly back to “normal,” whatever that may be.