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12-14-2018
Analysis and Abstract of the Comptroller's Report on the Five Public Pension Funds of the City of New York

 

COMRO -Council of Municipal Retiree Organizations

Status of New York City’s Five Public Pension Funds – FY 2018

Narrative Statement

For the Fiscal Year ending June 30, 2018 (FY’18), New York City’s five public pension funds paid $13.579 billion in benefits, an increase of $0.624 billion over the amount paid in FY’17. (See Table 1.)

The total value of the net assets of the five (5) funds increased to $175.6 billion for FY’18 from $163.0 billion in FY’17 an increase of $12.6 billion or 7.75 %.  This compares to the increase in assets in FY’17 to $163.0 billion from $146.9 in FY’16 (+11.0 %.)

The combined revenues of all five (5) pension funds decreased in FY’18 to $29.44 billion from $33.23 billion for FY’17, due mainly to a decrease in the fair market net valuation of investments.  

We conclude once again that the City’s pension systems, while not fully funded, remain in sound financial condition.



TABLE 1          Report issued 12/3/18
    COMRO -Council of Municipal Retiree Organizations      
    Analysis and Abstract of the Comptroller's Report on the      
           
    Five Public Pension Funds of the City of New York      
    Fiscal Year Ending June 30, 2018 [FY 18]      
           
Pension Fund Net Assets ($billions) Active Members Retirees Receiving Benefits Benefit Payments   ($billions) *Revenues = contributions + earnings ($billions)
NYCERS  $         65.207 (not reported by Comptroller….   4.883 9.0572
TRS  $         54.532  ...see table "2")    4.3519 10.42
BERS  $           4.673  --"--    0.2616 0.8481
POLICE  $         37.959  --"--    2.774 6.6109
FIRE  $         13.267  --"--    1.308 2.507
Totals  $   175.638                  $    13.5785             $    29.4432
           
prior year 163.026      $           12.95450  $             33.2350
net change prior FY 7.7%     4.82% -11.41%
           
* Revenue sources include members contributions, employer contributions and investment income.          
Source: The City of New York, Comprehensive Annual Financial Report of the Comptroller           
for the Fiscal Year Ended June 30, 2018.   Scott Stringer, Comptroller.          
           
  FY ending  6/30/16 (fy16) FY ending  6/30/17 (fy17) FY ending  6/30/18 (fy18) most recent year to year $ change most recent year to year % change
Benefit Payments ($billions)  $         12.555  $         12.955  $           13.579  $            0.623 4.813%
Net Assets ($billions)  $       146.918  $       163.006  $         175.638  $          12.632 7.749%
Revenues ($billions)  $         15.171  $         33.235  $           29.443  $          (3.792) -11.409%
Active Members making contributions  see table 2   see table 2   see table 2     
Retirees Receiving Benefits  see table 2   see table 2   see table 2     
           
           
by Warren Lewis with thanks to Stu Eber and Jay Warshofsky          
           


  
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