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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 9/1/19 to 8/31/20 7.00% 8.25%
3 Years 9/1/17 to 8/31/20 7.00% 8.25%
5 Years 9/1/15 to 8/31/20 7.00% 8.25%
10 Years 9/1/10 to 8/31/20 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 June 30, 2020

$80,347 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 26.7% $21,495
International Equity-Active 21.3% $17,132
Alternative Investments 13.2% $10,580
Domestic Fixed Income-Government 12.1% $9,700
Domestic Fixed Income-Mortgage 5.2% $4,192
Domestic Fixed Income-Enhanced Yield 5.0% $4,024
Domestic Fixed Income-Corporate 4.1% $3,264
Collective Trust Fund-Tips 2.8% $2,274
Group Trust Fixed Bank Loans 2.1% $1,664
Credit 1.8% $1,426
State Street Bankers 1.6% $1,293
Domestic Equity Active-Core 1.4% $1,161
REITS Investment 1.3% $1,059
ETI 0.8% $637
Miscellaneous^ 0.3% $226
Global Opportunistic Distressed 0.3% $220
Domestic Fixed Income-Convertible Bonds 0% $0
Global Trust Fixed Emerging Manager 0% $0
Tips MTA 0% $0
Global REITS 0% $0
^Miscellaneous includes the following holdings: in Millions
NYC-TRS GIA-Partners, LLC. $95.0
Targeted Investment Account $62.0
PUGH-Coreplus $62.0
BlackRock-Special Purpose $7.0
Securities Lending $0
Cash Account $0
Global Convertible Bonds $0
Global Environmental $0