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DOCUMENT RESUME
00600 - [A0751322] (Restricted)
The Investment Decisionmaking Process in Two New York Public
Employee Retirement Plans. B-164292; HRD-77-41. February 16,
1977. 2 pp. + appendices (69 pp.).
Report to Sen. Harrison A. Williams, Jr., Chairman, Senate
Committee on Labor and Public Welfare; Sen. Jacob K. Javits,
Ranking Minority Member; by Elmer B. Staats, Comptroller
General.
Issue Area: Income Security Programs: Programs tc Protect
Workers' Income (1306).
Contact: Human Resources Div.
Budget Fuection: Income Security: General Retirement and
Disability Insurance (601).
organization Concerned: Department of Labor.
Congressional Relevance: Senate Committee on Labor and Public
Welfare.
Authority: Administrative Code for the City of New York, title
B, chap. 20. New York Laws of 1920, chap. 741. New York
State Laws of 1917, chap. 303. Retirement and Social
Security Law of New York State. Employee Retirement Income
security Act of 1974.
Information on the investment decisionmaking process of
the New York State Employees# Retirement System and the
Teachers' Retirement System of the City of New York was obtained
from summary data and interviews with cognizant officials. The
information obtained was not verified and the adequacy of
procedures and practices followed by the plans was not
evaluated. Findings/Conclusions: The New York State Employees'
Retirement System is the largest of three State-admiuistered
retirement plans for employees of the State and local
governments. This plan covers about 552,000 active ambers,
compared with the 259,000 members covered by the two other
plans. As of March 31t 1975, this plan had about $6.1 billion in
assets, compared with $5.6 billion for the other plans. The
State comptroller is responsible for the management and
operations of the plan, including the investment of plan assets.
He draws on a variety of staff resources and outside investment
advisors to administer the plan and manage the investment
program. The Teachers' Retirement System of the City of New York
is the second largest of five retirement plans in the city. As
of June 30, 1975, it hal over 83,000 active members and assets
totaliug about $3 billion. The other four plans had about
257,000 active members and assets of about $5 billion. This plan
is managed and controlled by a board of trustees. (SC)](ViewImageLocal?handle=hein.gao/gaobaabyk0001&div=1&collection=&method=preview&ext=.png&size=3)