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ALBANY - The state pension system that serves 1 million retirees and public workers hit a record value of $183.5 billion, Comptroller Thomas DiNapoli announced Friday.

The record was set March 31, the end of the 2014-15 fiscal year.

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"We achieved a solid return on investments in the midst of global volatility," said DiNapoli, a Great Neck Plaza Democrat. "The fund performed well over the past year despite the challenges in the market."

StoryState retirement fund continues recovery

But the performance came up short from projected growth, said E.J. McMahon, president of the Empire Center, a nonpartisan, fiscally conservative think tank.

The pension fund earned 7.16 percent through its investments, which was short of the 7.5 percent target, he said.

That was the lowest growth since 2012, McMahon said.

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"It can be seen as a reality check after two years of double-digit returns, drawn mainly from a stock market punch bowl spiked by extraordinarily low bond rates," McMahon said.