Today my office has released our annual report on the performance of NYC's pension funds.
In the fiscal year ending June 30, our funds generated a robust total return of 13.0%, net of fees. This substantially exceeds our target of 7.0%. Our assets now total $325 billion (breakdown below).
These results are so strong that they reduce the City’s required pension contributions by $6.3 billion over the five fiscal years beginning in FY2028.
The past year saw an increasingly complex global environment, with the challenges of volatile tariff policy, persistent inflation, the war with Iran, and rising uncertainty about the impact of AI.
The strong results across NYC's pension system, despite the economic headwinds, is a testament to the resiliency of the market and to our policy of maintaining a long-term focus and a diversified strategy.
I am incredibly proud of the investment professional in the Comptroller's Office. We are committed to working on behalf of NYC's 750,000 current and future retirees, by continuing to build a pension portfolio which delivers sustainable, risk-adjusted returns for decades to come
📢BREAKING NEWS: NABTU and @Meta are partnering to strengthen Registered Apprenticeship pathways and invest in the unionized skilled trades workforce building the infrastructure behind America’s data revolution.
The future is for everyone. The future is union-built.
Learn more: https://t.co/xlGoZJaWXw
“We want to raise expectations on what government can deliver, because we really can deliver.”
Our team of technologists at the PIT Crew are on a mission to prove to New Yorkers that this is an administration focused on delivering RAPID solutions to REAL problems:
@a_erdem4 Engineering is engineering is engineering. It will always be important no matter the tools. Someone needs to make sure it works reliably and safely. That’s always an engineer.
"The more time I spent with them, the more every problem was starting to look like an LLM-shaped problem," he said. "And that's dumb." https://t.co/FIEYXjHaOs
BREAKING: Senator Bernie Sanders has introduced the Guaranteed Paid Vacation Act, which would guarantee every full-time U.S. worker at least two weeks of paid vacation annually.
AI promises to reduce workloads and improve organizational performance.
But its benefits often come with a hidden cost: “botsitting,” the work employees do to make AI useful, from supplying context and checking outputs to correcting errors. Research shows that workers spend nearly a day a week on these tasks.
Read the article for more on how leaders can account for that hidden labor—and capture AI’s full value. https://t.co/esQgBR2ziA
New York just flipped the switch on the country’s most powerful academic AI research computer. 🗽🤖
@GovKathyHochul announced today that the $40M Empire AI Beta system is officially online, giving researchers across the state 11x more AI training capacity than the original Alpha system — with 300+ research projects already queued up.
It’s a major win for New York’s effort to put world-class computing power to work for scientific discovery and the public good. https://t.co/jSdLqt1r47
What The Pfizer HQ Failure Should Make You Ask About Your Facility: As veteran facility managers retire or move on, decades of undocumented building knowledge often leave with them. https://t.co/MMGw5GHjVQ #Buildings#Facilities#FacilityManagement
In the spirit of transparency, here’s what I asked @OpenAI:
• Radical transparency: let’s release the traces from the “rogue” agents so the entire research community can study what happened.
• More capabilities for defenders: let’s commit $100M in compute from OAI to help the Hugging Face community build powerful cyber defenses with the best open and closed models.
The first autonomous agent cyberattack is an unprecedented event. It deserves an unprecedented response!
For my first post, I’m sharing a letter @NVIDIA signed on why open models matter.
AI will transform every industry, power every company, and be built by every country.
Open models strengthen safety and cybersecurity, accelerate innovation and diffusion, and enable sovereignty.
The world needs both frontier closed models and frontier open models.
https://t.co/AUKzoQ5Ikb