Phantom Payments of $140M Paid Over Seven Years

Since FY-2006 NYCERS has paid approximately $140M in private equity and real estate organizational costs. While NYCERS is required to identify the recipients of all investment payments, NYCERS has consistently failed to identify the parties receiving this money. This is not the money that NYCERS has paid to individual private equity and real estate partnerships (i.e. $67.4M in FY-2012).

Without disclosure this at least creates the appearance of corruption.

Total investment costs during this seven year period amounted to $871M.