New York State Teachers' Retirement System, Albany, posted a 2.8% investment return, net of fees, for the fiscal year ended June 30.
The pension plan had assets of $88.1 billion as of June 30.
The investment return was below the plan's 8% assumed rate of return, reflecting weak market conditions, said actuary Richard Young in a presentation Thursday to the pension fund's board of trustees.
“We have a very equity-driven portfolio,” Mr. Young said. “Total equity investments accounted for 76.3% of the system's asset allocation as of Sept. 30.”
The investment rate of return for the fiscal year ended June 30, 2011, was 23.2%.