NYC Pension Managers May Face Firing for Badmouthing

Newly hired managers for part of New York City’s $108 billion pension might be fired if they criticize workers’ benefits, according to a trustee of the police retirement fund.

Joseph Alejandro said he proposed that the fund’s board be able to dismiss future managers who disparage a public pension, “its beneficiaries or any trustees or employees.” The Employees’ Retirement System is also considering the provision, he said. Blackstone Group LP’s chief strategist, Byron Wien, strained relations with New York unions last year when he said benefits are “too generous.”