10/04/2010 05:32 pm ET | Updated May 25, 2011

NYC Pensions Project Unrealistic Returns, Mayor Says

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."

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