July 28 (Bloomberg) -- New York City’s five pensions reported a 17.4 percent gain on investments for the fiscal year ended June 30, propelled by growth in U.S. stocks, Comptroller Scott Stringer said.
Total assets of the funds for firefighters, police officers, teachers, school administrators and civil servants grew to $160.5 billion, the highest ever to end a fiscal year, Stringer said today in a statement.
“Any year in which the pension funds achieve double the assumed rate of return is a good one in my book,” Stringer said. The New York City funds need to average at least 7 percent a year to match their assumed rate of return. The rate is used to calculate how much the plans will need to cover benefits promised to members.
The growth of NYC’s pension assets show how many U.S. retirement funds have healed from the recession that ended in June 2009, buoyed by a resurgent stock market. The California Public Employees’ Retirement System, the largest U.S. pension, which reported an 18.4 percent gain. The California State Teachers’ Retirement System, the second-largest, returned 18.6 percent.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
