A rebound in the financial markets after the start of the COVID-19 pandemic fueled record growth in the state’s pension fund for government workers.
The pension fund for 1.1 million employees and retirees grew a whopping 33.6% for the fiscal year that ended March 31, Comptroller Thomas DiNapoli announced Wednesday.
The return on investments increased the fund’s value to nearly $255 billion, making it one of the largest public pension funds in the nation.
The fund’s long-term expected rate of return is 6.8%.
The health of the fund is critical to its 673,000 active workers and 447,000 retirees, and it comes as more public sector employees are retiring, a review of state records showed.
Author(s): Joseph Spector, Sean Lahman
Publication Date: 1 June 2021
Publication Site: Poughkeepsie Journal