NYC’s John Liu Refuses to Detail $32 Million in Pension Costs
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New York City Comptroller John Liu, who campaigned for office pledging transparency in his supervision of municipal pensions, won’t provide records on $32 million in “organizational costs” that his biggest fund paid to money managers.
The $41.8-billion New York City Employees Retirement System, whose 347,000 members are the most of any U.S. municipal retirement fund, reported $28.8 million in such expenses for private-equity investments and $3.1 million for real estate in the fiscal year ending June 30, 2010. That’s enough money to pay almost 1,000 retirees their average annual pensions of $33,000.