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State pension system may face lower rate of return
Quick ReadThe State Comptroller is considering a lower assumed rate of return for the state pension system
Photo credit: AP | File photo of New York State Comptroller Thomas P. DiNapoli at a news conference in New York. (Sept. 16, 2009)
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State Comptroller Thomas P. DiNapoli is considering a lower assumed rate of return for the state pension system, possibly bringing it to as low as 7.5 percent, and a decision will likely be made within the next two weeks, officials said Friday.
Such a reduction from current expectations of an 8 percent annual return will require increased contributions for local governments and school districts...
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