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NYC Pensions Project Unrealistic Returns, Mayor Says

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Oct. 4 (Bloomberg) -- New York Mayor Michael Bloomberg said city pension funds have set unrealistically high assumed rates of return on investments, at 8 percent, which may require spending more than has been budgeted for retirement benefits.

"It's much too high an assumption for us, I think it should be lowered," Bloomberg said today at a news briefing, referring to the city's five pensions holding almost $104 billion. "That's going to require the city to put in more money. It's very difficult to see where we could get the money to do that."

Read the whole story at BusinessWeek