NY comptroller reports state pension fund drop

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NY comptroller reports state pension fund drop

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ALBANY, N.Y. (AP) - The New York pension fund for state and local government employees has reported a negative 1 percent return on investment in its most recent quarter with the overall fund value dropping to $146.5 billion.

New York Comptroller Thomas DiNapoli, the fund's sole trustee, says it has been "weathering uncertainty in the financial markets."

The fund supports more than 400,000 retirees and beneficiaries and has about 654,000 current members.

Its estimated value was $150.3 billion at the end of March.

The average employer contribution rate is now almost 19 percent of salary for most public workers and nearly 26 percent for police and firefighters.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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NY comptroller reports state pension fund drop - NEWS10 ABC: Albany, New York News, Weather, Sports

NY comptroller reports state pension fund drop

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