By SUSANNE CRAIGJAN. 26, 2016
New York City’s pension system, which encompasses $160 billion in retirement funds, is rife with problems that leave it vulnerable to an “operational failure,” according to an independent report commissioned by the city comptroller’s office.
The report found that the city’s retirement system, the fourth largest in the country, needs additional resources, is understaffed and lacks many basic tools required to gain insight into the complicated risk embedded in its investments. Some managers rely on fax machines to send and receive vital information.
