Monday, October 4, 2010

Investment History at NYCERS - The good old days

Listed in the chart below are the values of the NYCERS portfolio for the last 30 years (as of June 30).

In the 1980's NYCERS tripled the value of is assets.

In the 1990's NYCERS more than doubled the value of its assets.

In the last ten years, instead of increasing its asset value, NYCERS has lost $8B or 20% of the value of its assets.

What makes this downward trend worse is that in FY-92, for example, NYCERS spent $13M in investment fees. While in FY-2010, NYCERS spent approximately $150M in investment fees. There is no accountability for the investment decisions of the trustees. No one knows whether they are brilliant or incompetent.

The next time you hear someone attack public pension plans, point out to them that investment decisions by elected officials are the main threat to the solvency of the pensions. By the way you never hear of workers not making their pension contributions. That skill is left to employers, both public and private.

YearValueYearValueYearValue
1981$5.541B1991$18.852B2001$37.519B
1982$5.867B1992$20.670B2002$32.212B
1983n/a1993$22.939B2003$30.841B
1984$8.014B1994$22.432B2004$33.526B
1985$10.178B1995$25.455B2005$34.703B
1986$12.534B1996$27.984B2006$36.650B
1987$13,866B1997$32.439B2007$42.237B
1988$14.349B1998$37.463B2008$38.862B
1989$16.499B1999$41.024B2009$30.929B
1990$17.904B2000$42.997B2010$34.618B

2 comments:

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