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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 11/1/20 to 10/31/21 7.00% 8.25%
3 Years 11/1/18 to 10/31/21 7.00% 8.25%
5 Years 11/1/16 to 10/31/21 7.00% 8.25%
10 Years 11/1/11 to 10/31/21 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, 2021

$101,091 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 26.9% $27,210
International Equity-Active 22.5% $22,789
Domestic Fixed Income-Government 14.3% $14,457
Alternative Investments 13.8% $13,904
Domestic Fixed Income-Enhanced Yield 5.0% $5,073
Domestic Fixed Income-Mortgage 4.9% $4,970
Domestic Fixed Income-Corporate 3.2% $3,201
Collective Trust Fund-Tips 2.6% $2,655
Credit 2.5% $2,483
Domestic Equity Active-Core 1.5% $1,518
Tips MTA 0.9% $941
State Street Bankers 0.8% $755
ETI 0.6% $649
Global Opportunistic Distressed 0.3% $257
Miscellaneous^ 0.2% $224
Group Trust Fixed Bank Loans 0% $5
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. $97.0
PUGH-Coreplus $62.0
Targeted Investment Account $58.0
BlackRock-Special Purpose $7.0
Cash Account $0
Securities Lending $0
Global Convertible Bonds $0
Global Environmental $0