About Asset Management
About the Bureau of Asset Management
The Comptroller is by law the custodian of City-held trust funds and the assets of the New York City Public Pension Funds, and serves as Trustee on four of the five funds. Further, the Comptroller is delegated to serve as investment advisor by all five pension boards. The Comptroller’s Bureau of Asset Management oversees the investment portfolio for each system and related defined contribution funds. In this role, the Comptroller provides investment advice, implements Board decisions, and reports on investment performance. The Bureau of Asset Management advises the Boards on all investment-related topics, including investment policy and strategy, asset allocation, manager structure, manager selection and financial and economic developments that may affect the systems. The systems’ portfolios are managed predominantly by external investment managers, and are largely invested in publicly traded securities, with additional allocations to private equity, real estate, infrastructure, hedge funds, and opportunistic fixed income investments.
About the New York City Pension Funds
The Systems, as of February 2017, have over $175 billion in assets under management, constituting the fourth largest public pension plan in the U.S. These five pension funds comprising the Systems are the New York City Employees’ Retirement System (NYCERS), the Teachers’ Retirement System of the City of New York (TRS), the New York City Police Pension Fund (POLICE), the New York City Fire Pension Fund (Fire), and the New York City Board of Education Retirement System (BERS).
Each pension fund is financially independent and provides its members the pension benefits and other benefits to which they are legally entitled. The funds necessary to finance these benefits are accumulated through contributions from members, participating employers, and investment earnings of the funds.
Teachers’ Retirement System of the City of New York ‐ Qualified Pension Plan (TRS) is a cost‐sharing, multiple-employer public employee retirement system for pedagogical employees in New York City public schools, certain Charter Schools, and certain other specified school and college employees.
New York City Employees’ Retirement System (NYCERS) is a cost‐sharing, multiple‐employer public employee retirement system for employees of the City not covered by one of the other pension systems, as well as employees of certain component units of the City and certain other government units.
New York City Fire Pension Fund (FIRE) is a single‐employer public employee retirement system for full‐time uniformed employees of the Fire Department.
New York City Board of Education Retirement System–Qualified Pension Plan (BERS) is a cost‐sharing, multiple‐employer public employee retirement system for non‐pedagogical employees of the Department of Education and certain Charter Schools, as well as certain employees of the School Construction Authority.