Comptroller Thomas DiNapoli lowered New York state’s pension fund’s assumed rate of return to 7 percent from 7.5 percent.
DiNapoli, sole trustee of the $184.5 billion fund, was advised by the fund’s actuary to lower the rate in an annual report released Friday. The comptroller, a Democrat, has indicated he’ll follow the advice. In 2010, DiNapoli lowered the long-term return rate from 8 percent.
The move is meant to help stabilize the fund, DiNapoli said in an Aug. 24 radio interview.
“We ultimately have to be sure we’re keeping our New York state fund in good shape,” he said.
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