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Great news, New Yorkers.
Today, I'm pleased to announce that the five City pension systems [[link removed]] achieved a combined 10% return for FY 2024, outperforming our target 7% return goal.
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This strong, robust return is GREAT news for the retirement security of our City's more than 750,000 current and future retirees: The teachers, firefighters, maintenance workers, and so many other public servants who make our city great. It means their retirement security is strong and they can know that their checks will be there for them every single month.
This is also great news for our city and for taxpayers. This combined 10% return means we'll be able to save $1.8 billion in the City budget over the next five years. That's money that we can invest in our schools, sanitation services, parks, libraries, and deliver a better quality of life for New Yorkers every single day.
Our returns [[link removed]] are the result of hard work by the Comptroller's Office's Bureau of Asset Management [[link removed]] who work closely with the trustees of the City's five funds (including our labor partners) to make wise, diversified investments that deliver maximum risk adjusted returns for the long run. Despite the economic challenges of the past few years, our strategic investment partnerships and careful portfolio management delivered these great results.
And let’s be clear: These results aren't just a one-year blip. Over the last 10 years, the pension funds have had a 7% average return. That means they are well funded and the retirement security of the people who serve this city is sound.
Thanks to the pension fund trustees, and our team of professionals at the Bureau of Asset Management, New York City is on track for a thriving fiscal future for all New Yorkers.
Thanks,
Brad
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The Office of New York City Comptroller
Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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