The estimated investment return of the New York State Common Retirement Fund was a record $295.4 billion, or 11.94%, at the end of the state fiscal year on March 31, state Comptroller Tom DiNapoli said Wednesday, which is the highest value the fund has ever seen.
The fund’s long-term expected rate of return is 5.9%, which the comptroller said is the second lowest for major public pension funds in the country.
The fund’s value reflects retirement and death benefits of $16.8 billion paid out during the 2025-26 fiscal year, according to the report.
“The New York State Common Retirement Fund delivered another year of strong results despite economic uncertainty, persistent inflation, and turbulence out of Washington,” DiNapoli said in a statement. “Under my watch, our diversified, disciplined investment strategy continues to protect the retirement security of nearly 1.3 million public workers, retirees and their families. We have built one of the nation’s strongest and best-funded public pension funds by focusing on long-term stability, smart diversification, and responsible risk management. Reaching a record-high value is a testament to the strength of our investment team and our commitment to keeping the promises made to New Yorkers.”
DiNapoli, the state comptroller since 2007, is running for reelection this year.
According to the comptroller, the pension fund had 39.4% of its assets invested in publicly traded equities, with the remaining assets invested in cash, bonds, and mortgages (22.9%), private equity, real estate and other holdings.
New York’s pension fund is one of the largest public pension funds in the U.S.