NYC teachers' fund pledges $1 billion in Sandy aid

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Associated Press

Posted on December 13, 2012 at 11:05 PM

Updated Thursday, Dec 13 at 11:07 PM

NEW YORK (AP) — A pension fund for New York City's teachers is pledging $1 billion in new investments toward repairing roads and bridges damaged by Superstorm Sandy and other infrastructure projects.

The New York City Teachers Retirement System is making the pledge through a project of the Clinton Global Initiative, started by former President Bill Clinton in 2005.

Clinton made the announcement Thursday.

The superstorm struck in late October, killing at least 140 people in 10 states but hitting New York and New Jersey the hardest.

The pension fund money will go to projects that affect transportation, power, water, communications and housing in New York City and the surrounding metropolitan region.

The teachers' pension fund manages assets of about $46 billion for 110,000 current members and 80,000 retirees.

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