DiNapoli on the Damage to the State Pension Fund

ALBANY—The state’s pension fund lost over a quarter of its value during the last fiscal year, Comptroller Tom DiNapoli just announced.
The total balance of the fund declined from $153.9 billion to $109.9 billion as of March 31, meaning state and local governments have to contribute more to the fund. Currently, they pay in 7.4 percent of their payroll; DiNapoli said that will likely rise to the “ballpark” of 11 percent by 2011. He is proposing legislation that will allow local governments to soften the blow for taxpayers.
“Our diversification and long-term investment strategies helped New York weather the storm better than most,” DiNapoli said at a Manhattan press conference that I listened to by phone.

DiNapoli on the Damage to the State Pension Fund