Deceptive PR from the Comptroller

As of June 30, 2016 the Comptroller would have you believe that the five city pension funds have assets of $165.242B.

That breaks down as follows:

1. TRS - $61.649B
2. NYCERS - $54.553B
3. BERS - $4.495B
4. Police - $33.592B
5. Fire - $10.953B

This is, however, a very inaccurate description of the assets of the five pension funds. As stated in the city's 2016 Financal statement the total pension assets of the five funds is $146.915B broken down as follows:

1. TRS - $43.629B
2. NYCERS - $55.489B
3. BERS - $3.416B
4. Police - $33.482B
5. Fire - $10.899B

The main reason for the differences is that the Comptroller is adding in the assets of the 403(b) and VSF plans in the total figures. The assets in those plans can not be used cover the pension liabilities of the five pension funds. Listed below are the assets of those plans:

1. TRS-TDA - $28.444B
2. NYCERS-COVSF - $0.005B
3. BERS-TDA - $1.630B
4. Police-POVSF - $1.307B
5. Police-PSOVSF - $0.521B
6. Fire-FFVSF - $0.502B
7. Fire-FOVSF - $0.305B

They total up to around $32.6B.