BLOOMBERG -- The rate
DiNapoli, the sole trustee of the plan, sets the rates employers pay every year to ensure obligations to retirees can be met. Rates paid by government employers outside
The New York State Common Retirement Funds strong gains over the last four years have mitigated some of the impact of the financial market collapse of 2008-2009, DiNapoli said. Strong
Under a new accounting method, the state assumes the entire fund will get the same annual rate of return, he said. Previously, the pension had separated assets into equities and non-equities when computing the assumed return.
New Yorks counties, cities and towns, particularly those upstate, have been struggling to meet rising pension costs since the recession that ended in 2009 sapped them of property taxes. They were further restricted after Democratic Governor
The fund provides retirement benefits to more than 1 million employees and retirees from state and local governments outside New York City, which has separate retirement plans.