From the NY Post August 18, 2013:
When Albany puts out new’s next Friday you can bet it’s bad news. So it is with state Comptroller Tom DiNapoli’s report on the quarterly performance of the state retirement fund. The return for the three month period ending June 30th was a meager 0.29 percent. The Dow Jones stock index increased by 2.76 percent for the same period or nearly ten times as much.
The $159 billion retirement fund, overseen by DiNapoli, is heavily diversified, but the tiny gains is not a small point. It translates into tax hikes because the funds 7.5 percent annual guaranteed rate of return. When returns fall short, taxpayers make up the difference.
A real “smoking gun” issue. For more information reference my March 8, 2012 column “Cuomo mandates reform of $140 billion state pension system.”