New York pension fund estimate reaches $173 billion
ALBANY New York's comptroller says the pension fund for state and local government workers reached an estimated $173 billion following year-end stock gains.
Comptroller Thomas DiNapoli is sole trustee of the Common Retirement Fund that reported a $160.7 billion peak at the close of the previous quarter. He cautions that the higher number is only an estimate and that stock performances have been "more problematic" in the last week or so.
He says the more important number for the fund for some 650,000 government employees will come at the end of the fiscal year on March 31.
The fund pays benefits to about 400,000 retirees and beneficiaries.
The average employer contribution rate is almost 21 percent of salary for most public workers and nearly 29 percent for police and firefighters.