NYC Actuary Said to Seek Cut in Pension-Fund Return Rate to 7%
This article is for subscribers only.
New York’s chief actuary is recommending that the city’s $115.2 billion pension plans lower their assumed annual rate of return on assets to 7 percent from 8 percent, which would open a funding gap of at least $2 billion next year, according to two people familiar with the proposal.
Robert North, the actuary, is presenting his plan to overseers of funds for police, firefighters, teachers, civilian employees and school administrators, the people said. They spoke on the condition of anonymity because the proposal hasn’t been made public. The New York Post reported on the plan yesterday.