NYC pension expands transparency

The $122bn pension system will provide an online library and interactive FAQ about pension information, including private equity investments. The pension announced in March that it will begin webcasting its board meetings 1 July.

New York City’s $122 billion pension system will provide greater public access to information, including an online library and an interactive FAQ about the city’s five pension funds, including private equity information.

The online library and FAQ are the latest additions to New York City John Liu’s “Pension NYC” programme, which was launched in March.

The online library will make available pension fund documents including quarterly reports, meeting agendas and minutes and annual financial reports. The interactive FAQ includes dozens of questions pertaining to the city’s pension funds, according to a pension spokesperson.

Liu, who serves as the pension system’s investment advisor and trustee, announced the latest additions to the programme 28 June.

“Today the nation’s largest municipal pension system with more than 300,000 active and retired members, voted to adopt resolutions to provide the public with unprecedented access to information concerning the pension system,” said Liu in a statement. “The adoption of these resolutions place NYCERS among the nationwide leaders in transparency.”

Liu launched his Pension NYC programme in March, which provides webcasts for the investment meetings of various pension funds. Pension board meetings will be webcast live and then archived on the comptroller’s website.

However, the executive session of board meetings during which sensitive decisions are made will not be webcast, said the spokesperson.

Liu expects to add two more features to Pension NYC by the end of the year, said the spokesperson. The system will provide a way for the public to track pension fund spending and real-time data on investments and performance.