July 28 (Bloomberg) -- New York City’s five pensions reported a 17.4 percent gain on investments for the fiscal year ended June 30, propelled by growth in U.S. stocks, Comptroller Scott Stringer said.
Total assets of the funds for firefighters, police officers, teachers, school administrators and civil servants grew to $160.5 billion, the highest ever to end a fiscal year, Stringer said today in a statement.
“Any year in which the pension funds achieve double the assumed rate of return is a good one in my book,” Stringer said. The New York City funds need to average at least 7 percent a year to match their assumed rate of return. The rate is used to calculate how much the plans will need to cover benefits promised to members.
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