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.
These figures are annualized.
| 1 Year 2/1/25 to 1/31/26 |
3 Years 2/1/23 to 1/31/26 |
5 Years 2/1/21 to 1/31/26 |
10 Years 2/1/16 to 1/31/26 |
|
|---|---|---|---|---|
| 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.
The Fixed Return Fund does not have a monthly unit value, unlike the other Passport Funds, whose returns may vary from month to month.
$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.