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Policy: Entitlements

New York pension fund estimate reaches $176 billion

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Associated Press,New York,Entitlements,Pensions

ALBANY, N.Y. — New York's comptroller is expected to announce Monday that the pension fund for state and local government workers has reached a record high of $176.2 billion after paying benefits.

Comptroller Thomas DiNapoli is sole trustee of the Common Retirement Fund showing a 13 percent return on investment in the fiscal year that ended March 31.

Almost 38 percent of its holdings are in domestic stocks.

The fund for some 650,000 government employees 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.

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