A $2.5 Billion Lesson for Investors

New York City just provided proof of how devastating those fees can be. An analysis conducted by the city’s comptroller found that over the last 10 years, New York’s five pension funds have paid $2.5 billion in management fees, almost completely canceling out any above-market gains the funds have earned. The pension funds’ investments in stocks and bonds generated returns that topped expectations by more than $2 billion, according to The New York Times. “When you do the math on what we p