Despite the reality, you have to give it to State Comptroller Thomas DiNapoli for trying to put the best spin on the situation possible in the headline, "DiNAPOLI: PENSION FUND REMAINS STRONG IN MIDST OF SLUGGISH ECONOMY."

Strong, of course, is a relative term. But concretely, the state's pension has fallen by an estimated 7.48 percent this fiscal quarter. The fund now stands at $133.8 billion.

“Like almost all investors, the Fund has been affected by the sluggish economy and increased volatility in the markets,” DiNapoli said in the statement. “The Fund remains one of the strongest in the U.S. and our diversified portfolio will keep it secure and poised for strong returns in the coming months.”