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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
2/1/23 to 1/31/24
3 Years
2/1/21 to 1/31/24
5 Years
2/1/19 to 1/31/24
10 Years
2/1/14 to 1/31/24
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, 2022

$90,123 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 22.4% $20,216
Alternative Investments 20.4% $18,341
International Equity-Active 18.8% $16,933
Domestic Fixed Income-Government 13.8% $12,409
  Credit 5.3% $4,771
 Enhanced /High Yield 5.1% $4,613
Credit Domestic Fixed Income-Mortgage 4.7% $4,257
Collective Trust Fund-TIPs 3.4% $3,100
Domestic Equity Active-Core 2.3% $2,079
State Street Bankers 1.6% $1,437
Gobal Equity 0.9% $851
ETI 0.7% $617
Fixed Income- Core Plus 0.3% $252
Group Opportunistic Fixed Income 0.3% $245
Group Trust Fixed Bank Loans 0.0% $1
Miscellaneous 0.0% $0
REITS Investment 0.0% $0
Miscellaneous includes the following holdings: in Millions^
Cash Account $0
Securities Lending $0

^Totals may not add up due to rounding.