New York State Comptroller Thomas P. DiNapoli announced that the New York State Common Retirement Fund’s (Fund) investment return was 5.84% for the state fiscal year that ended March 31, 2025. The Fund closed the year with an estimated value of $272.8 billion.
“Market volatility has been pronounced in the first half of 2025, with unpredictable actions out of Washington and other economic and geopolitical issues causing uncertainty for investors that is likely to continue in the short term,” DiNapoli said. “The state pension fund’s sound management and long-term approach has weathered previous market ups and downs and remains well-positioned to provide the retirement benefits state and local government employees have earned.”
The Fund’s long-term expected rate of return is 5.9%. Its annual valuation date is tied to the state fiscal year. DiNapoli noted that while yearly returns vary, the Fund has delivered a five-year rate of return of 10.6% and a 10-year rate of 7.74%
Employer contribution rates are determined by investment results over a multi-year period along with numerous other actuarial assumptions, including wage growth, inflation, age of retirement, and mortality. Integral to the Fund’s strength have been the state and local governments, which consistently pay their contributions.
The Fund’s value reflects retirement and death benefits of $16.7 billion paid out during the fiscal year.
As of March 31, 2025, the Fund had 39.2% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (23%), private equity (14.9%), real estate and real assets (14.1%) and credit, absolute return strategies, and opportunistic alternatives (8.8%).
The New York State Common Retirement Fund is one of the largest public pension funds in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. It has consistently been ranked as one of the best managed and best funded plans in the nation.