New York's Pension Loses 4 Percent in Quarter as Stocks Decline

New York state’s $173.5 billion retirement system, the third-biggest public pension in the U.S., lost 4.13 percent in the three-months ended Sept. 30 as stocks around the globe declined.

The returns for the New York State Common Retirement Fund, which provides benefits to more than 1 million state and local government workers, retirees and their beneficiaries, fared better than the median quarterly decline of 4.48 percent for U.S. public pensions with assets greater than $5 billion, according to Wilshire Associates Inc.’s Trust Universe Comparison Service.

“Volatility in the late summer continued to seriously challenge investors across multiple markets,” Comptroller Thomas DiNapoli said in a statement Tuesday. “While we’ve seen some recovery in the third quarter, there is no question that this is a tough year for investors.”

The Wilshire 5000 Total Market stock index lost 6.91 in the quarter ending Sept. 30, its worst performance in four years, the Santa Monica, California-based firm said. New York had 37.1 percent of its assets invested in U.S. stocks and 15.1 percent in foreign public equities at the end of the quarter.

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