Link: https://www.thecity.nyc/2022/8/1/23287828/pension-plunge-eric-adams
Excerpt:
New York City’s pension funds lost 8.65% of their value for the fiscal year that ended June 30, according to a release Friday from city Comptroller Brad Lander.
While more detailed information won’t be released until September, the losses reduced the pension funds to about $240 billion.
While the S&P 500 stock index fell 14% in the first six months of 2022, Lander said that all is well with the pension funds “Despite market declines on a scale that hasn’t been seen in decades, the New York City retirement system outperformed our benchmarks and are well positioned to weather market volatility in the long run,” he said in a statement.
But the city budget — currently $101 billion — will still take a hit.
Author(s): Greg David
Publication Date: 1 Aug 2022
Publication Site: The City