Comptroller Thomas DiNapoli announced that the New York State Common Retirement Fund had a -2.68 percent return on investments for the state’s fiscal year, ending March 31, 2020.
“Despite very solid returns through February, the coronavirus sent markets into a tailspin just as we were closing the books on our fiscal year,” DiNapoli said.
“The Fund has already recovered much of those losses, but volatility and uncertainty will persist until our public health crisis is resolved. Fortunately, the state’s pension fund entered this crisis as one of the strongest in the nation, and remains well-positioned to weather these challenging times and provide retirement security for our members for years to come,” he stated.
It’s worth noting that the economy shrunk after March 31 of this year. Real gross domestic product (GDP) decreased at an annual rate of 32.9% in the second quarter of 2020, according to an “advance” estimate released by the Bureau of Economic Analysis.
According to MarketWatch, the U.S. suffered the biggest economic decline since the government began keeping track after World War II.