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NYC teachers' fund pledges $1 billion in Sandy aid

Published on NewsOK Modified: December 13, 2012 at 9:55 pm •  Published: December 13, 2012

"Together the work will benefit our future not only in terms of more efficient buildings and reducing the threat of climate change, but also in the lives of teachers, construction workers, and in lowering energy costs for people all over America," Clinton said. "This is a remarkable commitment."

Donovan, a key figure on President Barack Obama's long-term Sandy recovery effort, said he hoped the commitment of the Teachers Retirement System will "inspire and encourage" others.

"This infusion of private capital is like seed money that will allow us to address not only the recovery from Sandy but also the underlying infrastructure challenges that our communities face," he said.

The Teachers Retirement System manages assets of about $46 billion for 110,000 current members and 80,000 retirees.