The Trustees Wake Up – NOT!

It’s nice to know that someone is reading my posts.

The NYS Open meetings Law requires that the NYCERS trustees adopt a resolution in public session appointing a person to the position of executive director.
That issue must also be on the public agenda for the meeting.

Discussions about the appointment can be held during an executive (closed door) session but the vote must be taken in open session.

At the February 12, 2026, NYCERS Regular Board meeting, the trustees admitted that they had voted to appoint Liz Reyes as the new executive director
during a closed door session of the December 17, 2025 NYCERS Investment Board meeting.

This item did not appear on the public agenda for either Board meetings.

In the open session of the February meeting, the trustees claimed that they were now giving public notice of the appointment. I guess, no harm, no foul.

The Legacy Replacement Project (LRP) Fiasco/Scandal and the Executive Director

At the same February Board meeting the LRP update was:

1. Status red
2. NYCERS and the “systems integrator” were working on the scope alignment and contract amendments
3. Future updates will be included in the Annual Comprehensive Financial Report (ACFR).

I’m not being terse. This is actually what the project manager said. As always, no questions from the trustees on penalty of excommunication.

For the record, the ACFR is published once a year in December. Talk about “talking points”.

Reyes started the LRP project in 2015 and as of today continues to control the project.

In 2021, NYCERS signed the LRP contract. It was supposed to be a five year $84 million effort.

Since the spring of 2024 the project has been in a black hole.
In the FY- 2025 ACFR there is a promise to present a new plan at the April, 2026 board meeting and
a promise to finish the project by December, 2030.

Don’t hold your breath.

I can see why the trustees may have wanted to make the appointment in a closed door session.