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.

Year	Value	Year	Value	Year	Value
1981	$5.541B	1991	$18.852B	2001	$37.519B
1982	$5.867B	1992	$20.670B	2002	$32.212B
1983	n/a	1993	$22.939B	2003	$30.841B
1984	$8.014B	1994	$22.432B	2004	$33.526B
1985	$10.178B	1995	$25.455B	2005	$34.703B
1986	$12.534B	1996	$27.984B	2006	$36.650B
1987	$13,866B	1997	$32.439B	2007	$42.237B
1988	$14.349B	1998	$37.463B	2008	$38.862B
1989	$16.499B	1999	$41.024B	2009	$30.929B
1990	$17.904B	2000	$42.997B	2010	$34.618B