Fixed Program

Fixed Annuity Program

The Fixed Annuity Program guarantees a specific rate of interest, which is currently 8 ¼%. Based on action by the New York State Legislature, this rate is in effect through June 30, 2000. The table below shows the interest that participants have earned since the Program’s inception.

From Inception to 6/30/77 4%
From 7/1/77 to 6/30/80 5 ½%
From 7/1/80 to 6/30/82 7 ½%
From 7/1/82 to 6/30/88 8%
From 7/1/88 to the present 8 ¼%

The Board of Education Retirement Board has authorized that Fixed Annuity Program funds, along with the City’s contributions and the contributions that Tier 3 and Tier 4 members make toward their QPP accounts, be invested by the Comptroller of the City of New York in a diversified portfolio called the Pension Fund.

Click here for the Pension Fund’s top 50 bond holdings

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