According to the NYC Comptroller: "During a volatile period for global financial markets, the New York City Retirement System faced losses across public markets, resulting in a preliminary net investment return of -8.65% across all five pension funds for the Fiscal Year ending June 30, 2022. " So, yes. It definitely applies to NYC.
I hope your comments about Illinois pensions doesn’t apply to NYC
According to the NYC Comptroller: "During a volatile period for global financial markets, the New York City Retirement System faced losses across public markets, resulting in a preliminary net investment return of -8.65% across all five pension funds for the Fiscal Year ending June 30, 2022. " So, yes. It definitely applies to NYC.