The $75.8 billion New York State and Local Retirement Systems, Albany...

The $75.8 billion New York State and Local Retirement Systems, Albany, reached its statutory limits on several asset classes, thanks to a 21.82% rate of return for fiscal 1995-'96, according to State Comptroller H. Carl McCall, the fund's sole trustee. Announcing the results, Mr. McCall called on the state Legislature to pass a prudent person rule and change current laws governing the fund's asset allocation, which he said could affect the fund's performance in the future. He noted international equity stands at 9.9% of fund assets as of March 31, the end of the fiscal year, while the current law allows only a 10% allocation. The fund also has a limit of 7.5% of assets on classes not specifically permitted in the state's legal list but the fund has 6% of its assets in the off-list segment and additional commitments that will bring it to 8.2% of assets.