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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.

Years Date TDA/UFT All Others
1 Year 1/1/19 to 12/31/19 7.00% 8.25%
3 Years 1/1/17 to 12/31/19 7.00% 8.25%
5 Years 1/1/15 to 12/31/19 7.00% 8.25%
10 Years 1/1/10 to 12/31/19 7.00% 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 November 30, 2019

$81,133 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 28.5% $23,143
International Equity-Active 21.4% $17,388
Domestic Fixed Income-Government 13.4% $10,896
Alternative Investments 12.9% $10,491
Domestic Fixed Income-Enhanced Yield 4.8% $3,858
Domestic Fixed Income-Mortgage 3.3% $2,706
Collective Trust Fund-Tips 3.1% $2,504
Domestic Fixed Income-Corporate 2.5% $2,006
Group Trust Fixed Bank Loans 2.2% $1,828
Credit 1.7% $1,348
REITS Investment 1.6% $1,321
Tips MTA 1.0% $831
State Street Bankers 1.0% $789
Domestic Equity Active-Core 0.9% $702
ETI 0.8% $628
Domestic Fixed Income-Convertible Bonds 0.3% $214
Global Opportunistic Distressed 0.3% $213
Global Trust Fixed Emerging Manager 0.2% $135
Miscellaneous^ 0.1% $132
Global REITS 0% $0
^Miscellaneous includes the following holdings: in Millions
Targeted Investment Account $63.0
NYC-TRS GIA-Partners, LLC. $53.0
Cash Account $9.0
BlackRock-Special Purpose $7.0
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0