- Last Updated: 12:34 AM, May 24, 2012
- Posted: 12:34 AM, May 24, 2012
ALBANY — The state pension fund missed its growth target last year.
Its value increased by 5.96 percent to top $150 billion for the first time since before the Great Recession, Comptroller Tom DiNapoli announced yesterday.
But the increase for the state fiscal year that ended March 31 fell below the 7.5 percent annual growth the fund anticipates, said fiscal analyst E.J. McMahon.
What’s more, the increase won’t lower the ballooning amount local governments have to kick in toward public-employee pensions, since contribution rates are based on five-year fund-performance averages.
“Given what’s been going on over the last year, these are very positive results,” DiNapoli said.
DiNapoli joined his political labor-union allies in opposing a new, less generous state pension tier that Gov. Cuomo and state lawmakers instituted last month to curb state and local pension costs by a projected $80 billion.