At the April 17, 2023 NYCERS Board of Trustees meeting, a NYCERS employee gave an update on the status of the Legacy Replacement Project (LRP). You can find the start of the presnation at the 53rd minute of video of the meeting. It runs for four minutes and ends with no questions from the brain dead trsutees.
I defy anyone to explain in plain English what the employee said. Maybe it's that the project is 15 months behind schedule. The four minute ramble is the most incoherent pile garbage I have ever heard.
The LRP The LRP was started in 2015. Since FY-2016 NYCERS has spent over $50M on consultants and over $30M on software.
The City - Cutting Health Benefits for City Retirees on Medicare
While the City is turning a blind eye to runaway software projects at NYCERS, it is cutting the health benefits for city retirees on Medicare.
Climate Change and Private Equity
Someone needs to tell the Comptroller and the trustees that when it comes to private equity/limited partnerships, they have absolutely no control over what the PE general manager does with the money that the pension fund invests with the PE fund. You want to take action about climate change - get out of limited partnerships. They are for the dumb-dumbs in the room.
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