Good Morning, Brooklyn: Wednesday, September 7, 2022
ADVERSE MARKET IMPACTS PUBLIC PENSION RETURNS: During today’s Financial Control Board meeting, Comptroller Lander also warned the budget will start reflecting the impact of adverse financial market conditions on pension returns starting in Fiscal Year 2024. He explained that, in the first half of 2022, equities had the worst performance in 50 years, and all major asset classes except commodities incurred significant losses, resulting in a negative combined return of the five pension systems (at -8.65 percent).
However, Lander also assured New Yorkers that the pension funds remain well-funded, and the security for the City’s current and future retirees is extremely solid.
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