NYC Pension Money Pumped into Market

September 21, 2001( - As a display of confidence in the US economy, following last week's devastating terrorist attacks, New York City will invest $800 million of the City's pension money in the stock market.

The city will draw the funds from city employees’ pension funds, with $500 million coming from the New York City Employees’ Retirement System, the largest of the city’s five pension funds, New York City Mayor Rudolph Giuliani told a press conference.

The remaining $300 million will come from police, fire, board of education and teacher’s pension funds.

The investment represents just over 1% of the funds’ $80 billion total value.