Mirroring the experiences of states around the country, New York's pension fund's rate of return declined 26.3% in the fiscal year that ended March 31.
Last week Comptroller Thomas DiNapoli released a preliminary estimate of the New York State Common Retirement Fund's value, showing it had dropped to $109.9 billion from $153.9 billion. The drop means government employers who pay into the system will need to increase their contributions. The increases will not be calculated and released until September. Currently employers pay 7.4% of an employee's salary.