New York's retirement fund grew to $247.7 billion in the third financial quarter of the 202-21 fiscal year amid the ongoing market uncertainty amid the COVID-19 pandmeic.
Comptroller Tom DiNapoli on Monday reported the fund's estimated reutrn reach 10% after the three-month period that ended on Dec. 31.
“Continued growth in the stock market has added to the state pension fund’s dramatic increases this year,” DiNapoli said.
“More importantly, given the ongoing market volatility, our pension fund is strong and well-diversified and ready to meet any ups and downs. Investment gains will remain fragile until we overcome the COVID-19 pandemic and see more federal stimulus bolstering the broader economy. We will continue to manage investments with caution and with a long-term perspective that has been the foundation of our success.”
The fund paid out $3.44 billion in benefits during the third quarter. It began the fiscal year, which starts April 1, at $194.3 billion.