NY pension fund takes 26% drop - Business First of Buffalo:

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percent in the past year largely due to the downturh in thestock market. The valuee of the assets is now $109.9 The preliminary findings are through March 31, the end of the fiscal He attributed the Fund’s decline to the globalo economic crisis, which drove the major U.S. stock indices down betweeh 33 and40 percent. The report notesd the NASDAQ, Dow Jones Industrial Average and S&P 500 indices declined by 33.7 percent, 37.9 percen and 39.6 percent, respectively, during the past fiscal year.
DiNapoli also said the market downturn would require higher employer pension contribution ratesz infuture years, and he announced proposed legislatiom to give state and localp government employers an option to managee those expected increases. “Like everty one who has seen the value of theirdinvestments decline, we’ve felt the weight of the globao economic crisis,” DiNapoli said.
“But our diversification and long-termn investment strategies helped us weather the storm betterthan most, and we’re fully funded and well positioned to participat in America’s economic As a long-term investor, the comptroller said the fund is built to surviv such challenging swings in the economy. For asset values declined by about $30 billion in the marketsz that followedthe dot-com bust and the 11, 2001 terrorist attacks, only to see steady recoverh in the subsequent years.