New York State Comptroller Thomas DiNapoli announced that the New York State Common Retirement Fund earned a 5.84% investment return for the fiscal year ending March 31, 2025. The fund’s total value reached approximately $272.8 billion at the close of the fiscal year.
DiNapoli highlighted that despite significant market volatility in early 2025, driven by political uncertainty in Washington and global economic challenges, the fund’s steady management and long-term strategy have kept it stable. This approach ensures the fund can continue providing retirement benefits to state and local government employees.
The fund’s performance over longer periods remains strong, with a five-year average return of 10.6% and a ten-year average of 7.74%. Its long-term expected return is set at 5.9%.
As of March 31, 2025, the fund’s investments were allocated as follows:
Public equities: 39.2%
Cash, bonds, and mortgages: 23%
Private equity: 14.9%
Real estate and real assets: 14.1%
Credit and alternative strategies: 8.8%
During the fiscal year, the fund paid out $16.7 billion in retirement and death benefits.
Employer contributions to the fund depend on multi-year investment results and actuarial factors such as wage growth, inflation, retirement age, and mortality rates. DiNapoli emphasized that consistent contributions from local and state governments are vital to maintaining the fund’s stability.
Serving over one million public workers, retirees, and beneficiaries, the New York State Common Retirement Fund remains one of the best-managed and best-funded public pension funds in the United States.
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