US - New York State Common Retirement Fund (CRF) now has a funded ratio of 104% and is progressing well, according to state comptroller Thomas DiNapoli.
DiNapoli is the sole trustee of the US$154.5bn pension fund and claimed it is now the best funded public pension in the US.
Speaking before the annual meeting of the Advisory Council for the Retirement System, DiNapoli said the CRF is two years ahead of scheduled compliance with GASB 50, the new guidelines for valuing pension fund assets.
He also told committee members that because of the fund's strong performance he was optimistic that he would also be able to lower the 2009 contribution rates that state and local governments pay for their employees’ retirement.
DiNapoli said: “The Fund is safe, strong and secure. We are well funded, and we’re well ahead of the curve in complying with new disclosure guidelines.”
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