New York City Comptroller John C. Liu said Monday that “preliminary findings” show the combined investment returns for the five city pension plans were “above 16%” for the six months ended Dec. 31, the first half of the city's current fiscal year.
For the fiscal year ended June 30, 2010, the aggregate return for the pension funds was 14%, according to Mr. Liu's testimony Monday before a joint hearing of the New York State Assembly Ways and Means Committee and the State Senate Finance Committee in Albany. He was testifying on the impact of Gov. Andrew M. Cuomo's recently proposed state budget on New York City's finances.
Mr. Liu didn't provide details on the funds' returns. Michael Loughran, a spokesman for Mr. Liu, said in an e-mailed response to questions that additional details were not immediately available.
Mr. Liu is trustee of the five New York City pension funds, which had total assets of $108.6 billion as of Nov. 30.