NYCERS

Union-backed Bill Aims to Speed Up Approval of 9/11 Pension Disability Claims

June 21, 2019 // 0 Comments

By RUDY OROZCO The state Legislature on Tuesday approved union-backed legislation that seeks to speed up the approval of disability pension applications of 9/11 rescue and recovery workers. The bill, sponsored by Assembly member Stacey Pheffer Amato and state Sen. Andrew Gounardes, would increase the number of physicians who review the applications for the York City Employees’ Retirement System (NYCERS). “Today our heroic 9/11 rescue and recovery workers breathe a sigh of relief because of this important step taken by the state Legislature,” said DC 37 Executive Director Henry Garrido, shortly after legislators voted on the bill. “The increase in the number of physicians will help end the long waiting periods that these workers had to endure while their cases were under review.” Oren Barzilay, president of Uniformed EMT’s, Paramedics and Fire Inspectors Local 2507, [More...]

Pension System to Adopt New Investment Strategy as Fossil Fuel Divestment Moves Ahead

December 21, 2018 // 1 Comment

Mayor Bill de Blasio and Comptroller Scott M. Stringer on Thursday, Dec. 20, announced the next big step in the New York City pension funds’ action to address the risk posed by climate change by divesting from fossil fuel reserve owners – an unprecedented process and the first-of-its-kind in the United States. A request for proposal (RFP) released today seeks advisers to analyze, evaluate, and recommend prudent fossil fuel divestment strategies for the New York City Employees’ Retirement System (NYCERS), the Teachers Retirement System (TRS), and the Board of Education Retirement System (BERS). Together, the three pension systems representing 70 percent of the total assets of the city’s $200 billion pension funds. The RFP will result in a comprehensive analysis of the city pension funds’ holdings and the risks the fossil fuel industry poses to pension assets. This [More...]

New York City’s Retirement System Pulls Out of Hedge Funds

April 14, 2016 // 0 Comments

After months of urging by District Council 37 and others, the New York City Employees’ Retirement System (NYCERS) voted today to pull its hedge fund investments, now totaling more than $1.4 billion. DC 37 Executive Director and NYCERS trustee Henry Garrido introduced the resolution to divest, noting the funds charge enormous fees for high-risk investments yet yield tepid results. “As stewards of the retirement security of public employees of modest means, our role is not to facilitate luxury purchases for high-rolling hedge fund managers,” Garrido said. “It is incumbent upon the trustees to ensure that the pension funds are invested securely and responsibly. Today, we took a necessary step to do just that.” The NYCERS vote follows similar actions to pull hedge fund investments by pension funds in California and Illinois. An American Federation of Teachers analysis of 11 [More...]