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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 11/1/19 to 10/31/20 7.00% 8.25%
3 Years 11/1/17 to 10/31/20 7.00% 8.25%
5 Years 11/1/15 to 10/31/20 7.00% 8.25%
10 Years 11/1/10 to 10/31/20 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 July 31, 2020

$84,473 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% $22,740
International Equity-Active 21.5% $18,185
Alternative Investments 12.8% $10,789
Domestic Fixed Income-Government 11.7% $9,937
Domestic Fixed Income-Enhanced Yield 5.0% $4,215
Domestic Fixed Income-Mortgage 5.0% $4,202
Domestic Fixed Income-Corporate 4.0% $3,370
Collective Trust Fund-Tips 2.7% $2,325
Group Trust Fixed Bank Loans 1.9% $1,580
Credit 1.7% $1,472
State Street Bankers 1.6% $1,342
Domestic Equity Active-Core 1.4% $1,211
REITS Investment 1.3% $1,093
Tips MTA 1.1% $906
ETI 0.8% $646
Global Opportunistic Distressed 0.3% $230
Miscellaneous^ 0.3% $230
Global Trust Fixed Emerging Manager 0% $0
Domestic Fixed Income-Convertible Bonds 0% $0
Global REITS 0% $0
^Miscellaneous includes the following holdings: in Millions
NYC-TRS GIA-Partners, LLC. $97.0
Targeted Investment Account $63.0
PUGH-Coreplus $63.0
BlackRock-Special Purpose $7.0
Securities Lending $0
Cash Account $0
Global Convertible Bonds $0
Global Environmental $0