Administration September 9, 2002
NYC Pension Money Pumped into Market
September 21, 2001(PLANSPONSOR.com) - 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.
Reported by Camilla Klein
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.