New York City Retirement Systems returned an annualized 2.3% for the five years ended June 30, 2005, according to city Comptroller William Thompson's fiscal year 2007 budget, released today. In comparison, public funds with more than $1 billion in assets in Wilshire Associates Trust Universe Comparison Service had an average annual return of 3.9% for the same time period. The systems' five pension plans lost about $25 billion between 2000 and 2002 because of the stock market decline.
Pension costs are expected to grow by nearly $2 billion through 2009 because of changes to actuarial assumptions proposed by the chief actuary as well as union contract settlements and the cost of the World Trade Center disability law.
Jeff Simmons, spokesman for Mr. Thompson, did not return calls by press time seeking comment.