NEW YORK – New York City's pension funds ended the latest fiscal year with a record-high value of $160.5 billion, City Comptroller Scott Stringer said Monday.
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The funds, which he oversees, got a 17.4 percent investment return for fiscal year 2014, which ended June 30. Stringer said that was one of the strongest years for the pension funds in recent times, and the annualized rate of return for the most recent five-year period is 13.4 percent.
"The city will benefit significantly from the savings generated by these investment returns," Stringer said. "Any year in which the pension funds achieve double the assumed rate of return is a good one in my book."
Stringer said the pension returns will save the city money in terms of its own pension contributions starting in fiscal year 2016, when the contribution will be reduced by $178 million. He said that would be $356 million the year after, and further years would see additional savings.
There are five city pension funds — the teachers' retirement system, the police pension fund, the fire department pension fund, the board of education retirement system, and the city employees' retirement system.