| New York City
Comptroller William C. Thompson, Jr. announced today on behalf of
the New York City Employees' Retirement System, the New York City
Teachers' Retirement System, the New York City Police Pension Fund
and the New York City Fire Department Pension Fund, that the four
funds have approved new asset allocation policies. These decisions
come as a result of asset allocation studies that were undertaken
independently by each fund and approved by each fund's board of trustees.
The asset mix will remain approximately 70 percent equity and 30 percent
fixed income, but will include modifications within asset classes.
"The funds have prudently decided to enhance diversification
of their assets by expanding established asset classes and incorporating
several attractive classes that had not been used previously,"
Comptroller Thompson said. "Increased diversification will
help ensure that the City's pension system asset allocations support
the long-term health of the portfolios."
As part of a routine analysis, each fund commissioned an asset
allocation study by its consultant. The NYCERS study was carried
out by Callan Associates, Teachers by Rocaton Advisers, Police by
Strategic Investment Solutions, and Fire by Evaluation Associates.
The studies were completed between June and September of 2003.
The diversification of asset classes includes the expansion of
proven classes such as private equity, which will increase from
two percent to five percent. In addition, assets will be committed
to two new classes, including U.S. Treasury Inflation Protected
Securities (TIPS) - at 3.5 percent - and Real Estate - at five percent.
Implementation of the new policies will begin this fall.
The Comptroller of the City of New York serves as trustee on the
four City pension boards.
Besides Thompson, the trustees on the New York City Employees'
Retirement System are: Mayor Michael Bloomberg; Public Advocate
Gotbaum; Martha Stark, Chair, New York City Commissioner of Finance;
C. Virginia Fields, Borough President of Manhattan; Marty Markowitz,
Borough President of Brooklyn; Adolfo Carrion, Borough President
of the Bronx; Helen Marshall, Borough President of Queens; James
Molinaro, Borough President of Staten Island; Carl Haynes, President,
Local 237, International Brotherhood of Teamsters; Lillian Roberts,
Executive Director, District Council 37; and, Roger Toussaint, President,
Transport Workers Union Local 100.
Besides Thompson, the New York City Teachers' Retirement System
trustees are: Mayor Bloomberg; Commissioner Stark; Kathleen Grimm,
Deputy Chancellor, New York City Department of Education; Phillip
Berry, Vice President, Colgate Palmolive Inc.; and, Sandra March,
Melvyn Aaronson and Mona Romain, all of the United Federation of
Teachers.
In addition to Thompson, the New York City Fire Department Pension
Fund trustees are: Mayor Bloomberg; Commissioner Stark; Nicholas
Scoppetta, Chair, New York City Fire Commissioner; Stephen Cassidy,
President, James Slevin, Vice President, Kevin McAdams, Treasurer,
and Robert Straub, Bronx Trustee, all of the Uniformed Firefighter's
Association of Greater New York; Peter Gorman, President / Captains
Rep., Arthur Parrinello, Chief's Rep., and Stephen Carbone, Lieutenant's
Rep., all of the Uniformed Fire Officers Association; and, Joseph
Gagliardi, Marine Engineers Association.
Besides Thompson, the trustees of the New York City
Police Pension Fund are: Mayor Bloomberg; Commissioner Stark; Raymond
Kelly, Chair, New York City Police Commissioner; Patrick Lynch,
Mubarak Abdul-Jabar, and Scott Williamson, Chair of the Board of
Trustees, all of the Police Benevolent Association; Thomas Scotto,
Detectives Endowment Association; Edwin Mullins, Sergeants Benevolent
Association; Anthony Garvey, Lieutenants Benevolent Association;
and, John Driscoll, Captains Endowment Association.
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