NYC Pension Earns $40 Million Over 10 Years, Pays Fund Managers $2 Billion

``Until now, Mr. Stringer said, the pension funds have reported the performance of many of their investments before taking the fees paid to money managers into account. After factoring in those fees, his staff found that they had dragged the overall returns $2.5 billion below expectations over the last 10 years... nearly all of that extra gain [from professional money management] -- about 97 percent -- has been eaten up by management fees, leaving just $40 million for the retirees, it found.''