Big Apple Funds In the Red
June 27, 2008
New York City's five pension funds lost a total of $5 billion in the nine months leading up to March 31, according to a report released by the New York City Comptroller's office.
It is predicted that if the plans do not recoup the losses by the end of the fiscal year, New York City will be faced with providing a bailout worth several billions of dollars.
The New York City funds include the Teachers' Retirement System, the Employees' Retirement System, the Police Pension Fund, the Fire Department Pension Fund and the Board of Education Retirement System.
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