Legacy Replacement Project - Still Adrift

As of the NYCERS Board of Trustees meeting on October 9, 2025, the acting executive director still has no update on the Legacy Replacement Project (LRP) that is four years behind schedule.

Update: As of the NYCERS Board of Trustees meeting on November 13, 2025, the acting executive director again has no update on the Legacy Replacement Project.

On a connected topic, the Trustees still have not appointed a new executive director to replace the former director who retired in May. The agency has also suspended filling a large number of open management positions.

With the election of a new mayor and comptroller, let us hope that the trustees will clean house and appoint a competent person to straighten out the agency.

Mamdani: Where to Find the Money - Check with Lina Khan

Total City Expenses over the Last Ten Years

The City spent in total

1. $71.522 billion in 2015
2. $120.125 billion in 2025

That is a 68% increase over 10 years.

Investemt Expenses for the Five City Pension Systems

The City's five pension systems investment expenses were

1. $0.709 billion in FY-2015 with $178.389 billion in assets
2. $2.306 billion in FY-2025 with $325.419 billion in assets

That is a 225.7% increase in expenses with a 83% increase in assets over ten years.

Something is wrong.

I could run that portfolio with my eyes closed at 20 basis points per year and make more money.
FYI - 20 basis points on $325B is $650 million.

A real expert could do it for 10 basis points and make even more money.

Administrative Expenses for the Five City Pension Systems

Over the last ten years the administrative costs for the five systems increased from $170.7 million (2015) to $312.7 million (2025).

That is a 76.3% increase over 10 years. (The Fire Fund didn't start its budget until 2018 at $6.4 million)

Why is the pension systems better funded than the City?