ALBANY, New York — New York's pension fund for state and local government workers declined to $178.3 billion following a negative return of less than 1 percent in its latest quarter, the state comptroller's office reported Wednesday.
Comptroller Thomas DiNapoli, the fund's trustee, says investor "challenges" in the quarter ending Sept. 30 followed a "robust" previous quarter when the fund reached a record $180.7 billion. "As always, our diversified investment allocation positions us to maximize long-term value," he said.
Fund managers are currently reviewing its asset allocations. For the fiscal year that ended March 31, it reported a 13 percent return on investment.
It currently has about 38 percent of assets in domestic stocks, 17 percent in international stocks, 27 percent in cash, bonds and mortgages, 8 percent in private equity, 7 percent in real estate and the rest in other investments.
Some gains in the recent quarter were offset by underperforming U.S. stocks and global central bank actions that made international markets volatile, the comptroller's office said.
The Common Retirement Fund has almost 650,000 government employees and pays benefits to about 425,000 retirees and beneficiaries.
DiNapoli announced in September that the contribution rates paid by state and local governments for their employees' pension costs will decrease for fiscal year 2015-16 that begins April 1.
The average rate will decrease from 20.1 percent of salary for most public workers to 18.2 percent. For police and firefighters, the employer rate will drop from 27.6 percent of payroll to 24.7 percent.
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