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Fixed Return Fund

The Fixed Return Fund offers a guaranteed rate of return set by the New York State Legislature in accordance with applicable laws. The current annual rate is 7% for members who are serving in (or resigned/retired from) titles represented by the United Federation of Teachers (UFT) and 8.25% for other members.

Investment Returns

These figures are annualized.

  1 Year
6/1/21 to 5/31/22
3 Years
6/1/19 to 5/31/22
5 Years
6/1/17 to 5/31/22
10 Years
6/1/12 to 5/31/22
TDA/UFT 7.00% 7.00% 7.00% 7.00%
All Others 8.25% 8.25% 8.25% 8.25%

QPP: Tier I and II members are credited with 8.25% annually on QPP investments in the Fixed Return Fund; this rate has been in effect since July 1, 1988.

TDA: Members who are serving in (or resigned/retired from) a title represented by the United Federation of Teachers (UFT) are credited with 7% annually on TDA investments in the Fixed Return Fund. This rate has been in effect since December 11, 2009; the previous rate was 8.25%. Other members are credited with 8.25% annually on TDA investments in the Fund; this rate has been in effect since July 1, 1988.

Unit Value

The Fixed Return Fund does not have a monthly unit value, unlike the other Passport Funds, whose returns may vary from month to month.

Asset Allocation (Pension Fund) 

as of December 31, 2021

$103,973 Million

TRS' Pension Fund contains all contributions that members invest in the Fixed Return Fund (both QPP and TDA Program), as well as the QPP contributions of Tier III, IV, and VI members.

Asset Allocation in Millions
Domestic Equity-Passive Core 26.0% $27,081
International Equity-Active 20.8% $21,654
Alternative Investments 15.6% $16,246
Domestic Fixed Income-Government 14.8% $15,384
Domestic Fixed Income-Enhanced Yield 5.0% $5,152
Domestic Fixed Income-Mortgage 4.8% $4,949
Credit 3.4% $3,492
Collective Trust Fund-TIPs 2.7% $2,746
Domestic Fixed Income-Corporate 2.1% $2,205
Domestic Equity Active-Core 1.5% $1,567
State Street Bankers 1.3% $1,359
TIPs MTA 0.9% $979
ETI 0.6% $654
Global Opportunistic Distressed 0.3% $265
Miscellaneous^ 0.2% $220
Group Trust Fixed Bank Loans 0% $2
REITS Investment 0% $0
Domestic Fixed Income-Convertible Bonds 0% $0
Global REITS 0% $0
Global Trust Fixed Emerging Manager 0% $0
^Miscellaneous includes the following holdings: in Millions
NYC-TRS GIA-Partners, LLC. $97
PUGH-Coreplus $62
Targeted Investment Account $53
BlackRock-Special Purpose $8
Cash Account $0
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0