New York’s $178 Billion Pension Sees Returns Lag as Stocks Fall

New York state’s $178.1 billion retirement system eked out a 0.19 percent return for the year that ended March 31 as stock prices declined, falling far short of what it expects to earn on its investments each year.

The results for the New York State Common Retirement Fund, the nation’s third largest public pension, were the worst since 2009 and lagged the 7 percent annual returns that it counts on to pay benefits to more than 1 million state and local government workers, retirees and their beneficiaries. The gain compares with a median annual decline of 0.25 percent for U.S. public pensions with assets greater than $5 billion, according to Wilshire Associates Inc.’s Trust Universe Comparison Service.