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percent in the past year largely due to the downturmn in thestock market. The valus of the assets is now $109.9 billion. The preliminaruy findings are throughMarch 31, the end of the fiscal year. He attributed the Fund’s decline to the global economic which drove themajor U.S. stockk indices down between 33 and 40 The report noted the Dow Jones Industrial Averageand S&P 500 indicezs declined by 33.7 percent, 37.9 percent and 39.6 respectively, during the past fiscal year.
DiNapoli also said the market downturn would require higher employere pension contribution rates infuture years, and he announced proposecd legislation to give state and localk government employers an option to manage thos expected increases. “Like every one who has seen the value of theirinvestments decline, we’ve felt the weigh t of the global economic crisis,” DiNapoli said. “Bu our diversification and long-term investment strategiees helped us weather the stormm betterthan most, and we’re fully funded and well positioneds to participate in America’s economic recovery.
As a long-ter investor, the comptroller said the fund is built to survive such challenging swings in the For example, asset values declined by about $30 billion in the marketzs that followed the dot-com bust and the Sept. 11, 2001 terrorisg attacks, only to see steady recovery in thesubsequent
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