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NY funding controversy spurs pension reforms

SAM RILEY

November 23, 2011

The arrest of a fundraiser for New York city compt
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Asset Owner:Canada Pension Plan Investments (CPPIB)New York State Common Retirement FundNew York City Teachers’ Retirement System (TRS)

One response to “NY funding controversy spurs pension reforms”

  1. John Bond

    The “independent” pension board as currently proposed will have representation by both the Comptroller and the Mayor’s Office, so it does not seem that it will be either independent or apolitical. Further, the proposal grants full investment discretion to an appointed Chief Investment Officer, and seeks to do away with all procurement rules. These together effectively grant more power to the CIO than the sole trustee system of NY State that many have been seeking to change given the potential for abuse. The pension reform goes the wrong way and eliminates many of the checks and balances that are inherent in the NYC System, notwithstanding their complexity. Pension Staff should not report solely to one elected official, but the reform as proposed creates more issues that it solves.

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