NYC Mayor Michael Bloomberg, Comptroller John Liu, and the city’s main unions made the announcement during a Webcast news conference Thursday. With the change, the pension fund investment decisions will be taken away from the five separate boards and outside fund managers, which currently manage the fund.
According to Reuters, the new chief investment officer would report to a new board made up of representatives from the mayor’s office, the comptroller’s office, and the unions.
The comptroller would be relinquishing much of his traditional authority over the five pension funds if the city’s plan is approved by the City Council, the state legislature, and the governor, the officials said.
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