The NYCERS actuary submitted a proposed resolution at the NYCERS Board Meeting last Thursday, November 9, 2017. It was for the transfer of $252M from NYCERS to the COVSF (Correction Officers Variable Supplements Fund) for FY-2017. The trustees adopted the resolution.
The NYC Financial statement for FY-2017 stated that $285M was transferred from NYCERS to the COVSF as of June 30, 2017.
Why the difference? Maybe the $285M was an accrual number and subsequently the actuary came up with a more accurate number. But we sure would love to see the actuary's final calculation. Even today, $33M is a significant amount of money.
33Mil is Alot of money be to gone missing ?? HMMM Glad they didn't take it. And put it where it belongs. Who is doing the adding up ?
ReplyDelete2018 i better my VSF..
Thank you John for your blogs.. and keeping it all transparent.