Healthy return helps city pension funds to new record

[hrmjustin]

Sally Goldenberg

New York City's pension system had a banner fiscal year in 2014, increasing its total value to a record $160.5 billion, Comptroller Scott Stringer is set to announce on Monday.

That is a nearly $19 billion increase from the fiscal year ending July 31, 2013, when the five pension funds had a combined value of $141.7 billion, according to records on Stringer's website.

As a result of the funds' performance, the city will save $17.8 billion over the next two decades, due to an above-average rate of return, according to a press release distributed to reporters on Sunday.

"Five years of positive returns are good news for the pension funds and for the city," Stringer said in the release.

http://www.capitalnewyork.com/article/city-hall/2014/07/8549725/healthy-return-helps-city-pension-funds-new-record