New York City Comptroller William C. Thompson, Jr. today said that, as a result of the nation’s worsening fiscal climate, the value of the five New York City Pension Funds dropped by an estimated 8.5 percent over the last quarter ending September 30.

Thompson reported that the total value of the Pension Funds dropped from $104,729.6 billion to $95,964.2 billion. The 8.5 percentage drop is markedly less than many other public pension funds, which have plummeted more than 20 percent.

“Due to the long-term nature of its liabilities, the Pension Funds’ assets are invested with a long-term investment horizon,” Thompson said. “At the start of my tenure as Comptroller, I worked with trustees of the Pension Funds to markedly diversify the Funds. Because of those actions, we are better positioned to minimize losses in down markets.”

The New York City Pension Funds are the: New York City Employees’ Retirement System, Teachers’ Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund, and Board of Education Retirement System.
The Comptroller serves as a member of the Board of Trustees of four of the five Funds and is investment advisor to, and custodian of, the five Funds. As the investment advisor to the Funds, the Comptroller has the fiduciary responsibility of investing and protecting the Funds for more than 237,000 retirees and beneficiaries and more than 344,000 City and City-affiliated employees.

The Comptroller said the Pension Funds’ assets are invested for the benefit of the plan participants and their beneficiaries. All assets of the Pension Funds are managed by registered investment advisors.

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