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New York State Pension Will Lower Assumed Rate of Return to 7%

Comptroller Thomas DiNapoli lowered New York state’s pension fund’s assumed rate of return to 7 percent from 7.5 percent.

DiNapoli, sole trustee of the $184.5 billion fund, was advised by the fund’s actuary to lower the rate in an annual report released Friday. The comptroller, a Democrat, has indicated he’ll follow the advice. In 2010, DiNapoli lowered the long-term return rate from 8 percent.