New York state and local government employers will have to increase average pension contributions to 16.3% of salaries from 11.9%, Comptroller Thomas DiNapoli announced Thursday. He also lowered the assumed rate of return on pension fund investments to 7.5% from 8%.

The New York State Common Retirement Fund dropped in value to $124.8 billion as of June 30 from $132.6 billion on March 31, posting a negative 4.38% quarterly return.

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