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NY Pension Fund Gains Less Than 1 Percent In Latest Quarter

NYS Comptroller Thomas DiNapoli
WAMC Photo by Dave Lucas
NYS Comptroller Thomas DiNapoli

The New York pension fund for state and local government workers shows an investment return of less than 1 percent for the last quarter with an estimated value of $182.5 billion.

State Comptroller Thomas DiNapoli, the fund trustee, says the quarter that ended June 30 had a challenging investment climate.

He says the fund remains strong.

Its estimated value, down about $2 billion from its audited value three months earlier, reflects benefit payments made to retirees and beneficiaries.

The contribution rates paid by state and local governments toward employees' pensions are 18.2 percent of salary for most public workers and 24.7 percent for police and firefighters.

Copyright 2015 The Associated Press.

Dave Lucas is WAMC’s Capital Region Bureau Chief. Born and raised in Albany, he’s been involved in nearly every aspect of local radio since 1981. Before joining WAMC, Dave was a reporter and anchor at WGY in Schenectady. Prior to that he hosted talk shows on WYJB and WROW, including the 1999 series of overnight radio broadcasts tracking the JonBenet Ramsey murder case with a cast of callers and characters from all over the world via the internet. In 2012, Dave received a Communicator Award of Distinction for his WAMC news story "Fail: The NYS Flood Panel," which explores whether the damage from Hurricane Irene and Tropical Storm Lee could have been prevented or at least curbed. Dave began his radio career as a “morning personality” at WABY in Albany.
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