According to Jin10, New York City’s five major pension funds outperformed their investment target in the past fiscal year, helped by record U.S. stock market performance. New York City Comptroller Mark Levine said in a press release on Wednesday that the five funds, which cover police officers, firefighters, teachers, municipal employees, and school staff, returned 13% in the year through June 30, lifting assets to $326.3 billion. It was the best performance for the funds since 2021 and exceeded the 7% target return. Levine estimated that improved pension investment performance would reduce New York City pension contributions by about $6.3 billion over the next five years. Officials expect the city’s fiscal deficit to reach $6.4 billion in the fiscal year beginning July 1, 2027. The funds benefited from an AI-driven rise in investor optimism that helped push share prices sharply higher, with developed market stocks returning 15.6% and emerging market stocks surging 42%.