NEW YORK—The city’s pension fund recorded a 17.4 percent return on investment in fiscal year 2014, according to the comptroller’s office.
The fund was valued at $160.5 billion when the fiscal year ended in June, the highest amount it has a ever reached at the end of a fiscal year. The fund has been recording positive returns for five consecutive years.
“Five years of positive returns are good news for the pension funds and for the City,” Comptroller Stringer said. “Any year in which the pension funds achieve double the assumed rate of return is a good one in my book.”
As a result of the positive returns, the city will contribute less towards pension costs, saving $178 million next fiscal year. The savings will grow annually up to almost $1.2 billion in 2021.
Chief Investment Officer Scott Evans attributed the growth to growth in the equities portfolio and a diversified investment strategy.
“The Fiscal Year 2014 returns were unusually strong given the current investment environment,” Evans said.