New York Pensions Gain 10% in Fiscal Year, Beating Target (1)

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

The funds for police officers, fire fighters, teachers, civil employees and school personnel — which together have $274 billion in assets — returned 10% in the year through June, beating their 7% target, according to a news release Thursday from city Comptroller Brad Lander.

The gains are expected to ease pressure on New York’s budget, with Lander estimating it will shave some $1.8 ...