New York City Pensions Gain 10.3% on Back of Global Stock Rally

New York City’s five pensions beat their investment targets in the past fiscal year, promising to save the city hundreds of millions of dollars in retirement contributions as they profit from resilient stock markets.

The funds for police officers, firefighters, teachers, civil employees and school personnel returned 10.3% in the year through June, beating their 7% target, according to a news release Wednesday from city Comptroller Brad Lander. The pensions — which together have $295 billion in assets — have exceed their actuarial target for over the last 10 years, earning 7.7%.

The gains are expected to ease ...