Enid Alvarez/New York Daily News
New York City Comptroller John Liu said the pension system’s return added hundreds of millions of dollars to the city’s coffers. 
The city’s pension system achieved a 12.3% return in the last 12 months, exceeding expectations and potentially adding hundreds of millions of dollars to the city’s coffers.
The return, far greater than the assumed rate of 7%, brings the total value of the funds to $137 billion, the highest ever, Controller John Liu said Thursday.
The higher return might allow the city to reduce contributions to the pension system by $400 million over three years, the controller’s office said.
The city’s unions are likely to call for using the savings to finance retroactive raises. The unions have been working for years without contracts and say they are owed at least $7 billion in back pay.
