jefferson democrat
DiNapoli says NY pension fund
down 20 percent
By MICHAEL VIRTANENAssociated Press
Tuesday, February 3, 2009
ALBANY -- New York Comptroller Thomas DiNapoli said Tuesday the state's public w
orker pension fund has lost about 20 percent of its value to the global financial meltdown and needs more flexibility to invest in vehicles other than stocks to help recover.
Addressing public employee union representatives, DiNapoli said the fund is "secure" and diversified, with more than enough money to pay pensions.
But he warned that contribution rates may have to be increased in 2011 and 2012. DiNapoli said the rates have been cut five years in a row.
orker pension fund has lost about 20 percent of its value to the global financial meltdown and needs more flexibility to invest in vehicles other than stocks to help recover.Addressing public employee union representatives, DiNapoli said the fund is "secure" and diversified, with more than enough money to pay pensions.
But he warned that contribution rates may have to be increased in 2011 and 2012. DiNapoli said the rates have been cut five years in a row.
