NEW YORK, July 28 (Reuters) - New York City’s pension funds logged a 17.4 percent return in the fiscal year ended June 30, the comptroller’s office said on Monday, bringing its total value to a record $160.5 billion.
The funds, including pensions for teachers, police and other city employees, benefited from a market surge including a 21-percent rise in the S&P 500 stock index over those 12 months.
The New York City Pension Funds returned 12.1 percent in the previous fiscal year.
In a statement, Comptroller Scott Stringer said the city will benefit significantly from the 2014 savings. “Any year in which the pension funds achieve double the assumed rate of return is a good one in my book,” he said.
The strong 2014 performance will lower the city’s pension contributions starting in fiscal year 2016 with $17.8 billion in phased-in savings, the comptroller’s office said. (Reporting by Jonathan Spicer; Editing by Lynne O‘Donnell)