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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
