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Liu Pension Disclosure Requirements

Liu Pension Disclosure Requirements

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Published by Celeste Katz

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Published by: Celeste Katz on Jun 22, 2010
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06/22/2010

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PR10-06-067 June 22, 2010
 
Contact: Sharon Lee, (212) 669-3747 Page(s): 2
-more-
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COMPTROLLER LIU ANNOUNCESNEW DISCLOSURE REQUIREMENTSFOR PENSION FUND INVESTMENT PROCESS
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NEW YORK, NY - New York City Comptroller John C. Liu today announced additionaltransparency and disclosure initiatives implemented by his office relating to money managers
seeking to do business with the Teachers’ Retirement System (TRS) and the New York CityEmployees’ Retirement System (NYCERS), totaling $74.5 billion in assets as
of April 2010.In February, Comptroller Liu announced proposals to enhance integrity in the investment processat the New York City Pension Funds. Since the announcement, Comptroller Liu has been indiscussion with the Boards of Trustees. Effective July 1, 2010 (Fiscal Year 2011), there will benew policies relating to disclosure in the due diligence investment process at TRS and NYCERS.
“The Boards of Trustees and my staff, led by Chief Investment Officer (CIO) Larry Schloss,
have worked hard at developing these reforms and they will go a long way in ensuring a fair andtransparent investment decision-making process and added protections for retirees and
taxpayers,” Comptroller Liu said. “By instituting these new policies, we are holding investment
managers to higher standards than ever before. Any violation of these rules could result in
financial and reputational damage to the investment manager.”
 
“As a trustee of NYCERS, I strongly support Comptroller Liu’s strengthening of disclosure and
reporting r
equirements for managers doing and seeking to do business with the pension system,”said Executive Director of District Council 37 Lillian Roberts. “By requiring investment
managers to disclose all contacts with the retirement system, and instituting a strict no gift policy
in his office, the Comptroller’s actions help to protect the decision
-making process, reputationand integrity of NYCERS, the pension system for over 100,000 active District Council 37
employees and 50,000 of our retirees.”
 
“I would li
ke to thank Comptroller Liu and his staff at the Bureau of Asset Management for
having the vision to propose such transparent reforms to the investment process,” said UnitedFederation of Teachers President Michael Mulgrew. “Our members can rest assured th
at thosemoney managers who manage their hard-earned pensions are adhering to strict guidelines with
severe repercussions for any violation of these policies.”
 
“On behalf of the pensioners and beneficiaries of TWU, it is my pleasure to be able to work wit
hthe Comptroller to institute these new reforms, which will help protect and maximize the pension

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