In a year of moderate growth amid inflation and interest rate concerns, NYSTRS reported steady and consistent gains, according to its recently released financial report.
The total portfolio returned 11.4%, net of fees, for the fiscal year ended June 30, 2024, according to NYSTRS’ 2024 Annual Comprehensive Financial Report (ACFR). In that same time period, NYSTRS’ net assets reached $145.8 billion, up from $137.2 billion the previous fiscal year.
Two leading indicators of a pension plan’s strength include its funded ratio and long-term returns. NYSTRS’ funded ratio of 98.6% as of June 30, 2023, the most-recent calculation available, compares the actuarial value of assets to accrued benefit liability. The System’s 10-, 20- and 30-year annualized net rates of return were 7.8%, 7.8% and 8.7%, respectively, as of the fiscal year ended June 30, 2024. This places NYSTRS in the top 10% of its public pension plan peers.
NYSTRS Executive Director & CIO Thomas K. Lee said, “This annual report is a testament to the hard work and dedication of NYSTRS’ Board and staff to fulfill our mission of providing members with a secure pension.”
“NYSTRS has provided uninterrupted benefits, on time and in full, honoring the work of our members and stewards who have guided the System’s success since its founding in 1921,” Lee continued. “To be sure, just as our members devote their lives to excellence in the classroom as teachers and administrators, NYSTRS provides excellence in the management of the pension fund.”
NYSTRS paid out approximately $8.4 billion in benefits to members and beneficiaries in 2024, up from $8.2 billion and $8.0 in 2023 and 2022, respectively. Almost 80% of those benefits are paid to New York state residents, across each of the state’s 62 counties.
At almost 150 pages, the report reviews the System’s financial statements, investment performance and membership statistics. NYSTRS has also published the Popular Annual Financial Report (PAFR), a visual summary of the longer report that is intended for general audiences.
Visit the Infographics page for snapshots of NYSTRS’ facts and figures.
NYSTRS by the Numbers: Highlights from the 2024 Annual Report
- NYSTRS’ net assets reached $145.8 billion, up from $137.2 billion the previous fiscal year.
- NYSTRS’s 10-, 20- and 30-year annualized net rates of return were 7.8%, 7,8% and 8.7%, respectively, as of the fiscal year ended June 30, 2024.
- The System paid out approximately $8.4 billion in benefits to members and beneficiaries, up from $8.2 billion and $8.0 billion in 2023 and 2022, respectively.
- Nearly 80% of benefits are paid to New York state residents, across each of the state’s 62 counties.
- The System serves 454,804 people, including 272,363 active members and 182,441 retired members and beneficiaries.
- NYSTRS’ net position has increased more than 250% over the past 30 years.
- Over the past 30 years, investment income has made up 85% of NYSTRS’ funding. Employer and member contributions make up 13% and 2%, respectively.
- About 57% of System assets are managed internally, which keeps administrative costs low and leaves more money for benefits and investments.
