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. Credit: Getty Images
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.
"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.