New York State Teachers registers -7.1% return

The New York State Teachers' Retirement System, Albany, posted a net return of -7.1% for the fiscal year ended June 30, a year after posting a 29% return, the pension system announced Thursday.

The pension system's assets of $132 billion as of June 30 fell 10.9% from a year earlier. Its assumed rate of return is 6.95%.

The financial data was presented at the quarterly meeting of the pension system's governing board.

The net five-year annualized return was 7.7%; the net 10-year annualized return was 8.9%. The 15-year annualized return was 6.3% and the 20-year return was 7.7%.

The estimated funding ratio as of June 30 was 97% based on a market value of assets and 99% based on an actuarial value of assets.

Separately, board members voted to renew for one-year Callan as the pension system's real estate consultant, effective Feb. 1. The pension system has approximately $31 billion in real estate assets, including commitments, Heidi Brennan, a pension system spokeswoman, wrote in an email.

The board members also voted to renew StepStone Group for one-year as the private equity and private debt consultant effective, also effective Feb. 1.

The private equity portfolio has $22.2 billion in active commitments with an adjusted market value of approximately $13.9 billion, Ms. Brennan wrote. The private debt portfolio had $3.3 billion in active commitments with an adjusted market value of approximately $1.5 billion, she added.