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NYC pension funds valued at $160b: Scott Stringer

The five NYC pension funds that thousands of city employees contribute to saw its fifth year in a row of increased returns, up $23 billion from last year.

nyc pension funds scott stringer Comptroller Scott Stringer announced that the five NYC pension funds thousands of city employees contribute to saw a fifth year in a row of increased returns, up $23 billion from last year.
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The five pension funds that hundreds of thousands of city employees contribute to saw a fifth year in a row of increased returns, up $23 billion from last year.

City Comptroller Scott Stringer announced Monday that the total fund value jumped to $160.4 billion from last year's $137 billion — the highest to end a fiscal year.

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"Five years of positive returns are good news for the pension funds and for the City," Stringer said in a statement.

The increase brings with it savings for the city, the comptroller added. The higher returns means that employee's own contributions are expected to drop off by $178 million in fiscal year 2016.

With incremental decreases in contribution through fiscal year 2030, the city's chief financial officer explained the city is slated to save a cumulative $17.8 billion over a six-year period — as long as returns and interest rates remain consistent.

Last year, New York City paid 11 percent — or about $8.1 billion — of its budget into the pensions, with another $8.2 billion budgeted for the current fiscal year.

Despite the gains, observers have repeatedly voiced concerns about ballooning pension costs.

In an New York Daily News editorial before the end of his tenure, former Mayor Michael Bloomberg warned his successor that a lack of action would "continue to harm our ability to invest in the future."

Follow Chester Jesus Soria on Twitter@chestersoria

 
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