New York's pension fund posted a -4.14% rate of return during the state's fiscal year, state Comptroller Tom DiNapoli's office on Thursday said. 

The fund's negative rate of return came as the financial sector for much of the last year has been especially volatile amid uncertainty over the Federal Reserve raising interest rates in an effort to cool the economy. 

DiNapoli's office in a statement stressed the fund's showing would not impact retirees and beneficiaries. 

“Recent months have been trying for investors, but thanks to the state pension fund’s diverse investments, members, retirees and beneficiaries can rest assured their pensions are secure,” DiNapoli said. “There is no doubt that challenges lie ahead, with concerns over a recession and potential interest rate increases, but the state pension fund is well positioned to weather these storms.”

The fund's value stands at $248.5 billion, reflected by $14.7 billion being paid out during the fiscal year, which ended March 31.