New York State Teachers' Retirement System, Albany, had estimated assets of $94.9 billion for the fiscal year ended June 30, up 7.7% from a year earlier, according to the pension system's actuary Richard Young.
The figures are preliminary; Mr. Young said audited numbers are expected to be published in October. He discussed the system's estimated assets Wednesday at a quarterly meeting of the retirement board.
He didn't provide information on the investment rate of return for the fiscal year. The return will be published when the audited asset figure is published. The system's assumed rate of return is 8%.
John Cardillo, a spokesman for the pension system, said in an interview that the investment return for the three months ended March 31 — the third quarter of the fiscal year — was 5.7%. The return for the 12 months ended March 31 was 10.38%.
At the retirement board meeting, Mr. Young said the pension system's funded ratio was 89.8% as of June 30, 2012, the most recent assessment. The funded ratio was 96.7% as of June 30, 2011.
The system's five-year average rate of return of 1.1%.
Although the system has had positive investment returns starting with the fiscal year ended June 30, 2010, it had negative returns in the two previous fiscal years, which affected the five-year average, Mr. Cardillo said.
The five-year average will improve when the positive return for the fiscal year ended June 30, 2013, is added to the five-year average and the -6.3% return for the fiscal year ended June 30, 2008, is removed from the calculation, he said.
