Today the temporary head and the press officer of the NYS DFS suddenly resigned. This is after Lawsky left in June.
What happened to the audits of the seven state and city pension funds?
DFS is an agency in free fall.
Showing posts with label Lawsky. Show all posts
Showing posts with label Lawsky. Show all posts
Tuesday, October 27, 2015
Monday, June 1, 2015
Wednesday, January 21, 2015
Paper Tiger - the N.Y.S. Department of Financial Services - Pension Fund Audits
In July of 2013 the N.Y.S. Department of Financial Services (DFS) with a lot of fanfare announced the start of an audit of the seven state & city pension funds.
It's now January 20, 2015 and DFS has not yet produced any of the pension audits. Just a reminder, DFS has not produced an audit of NYCERS since 2002 in spite of the agency's statutory obligation to produce an audit every five years.
Of course, DFS collected $611,536 from NYCERS during FY-2014 for audit work that DFS supposedly did during that year.
When I saw the charges for 2014, I thought I'd do a little research. Here are the DFS audit charges to NYCERS since 2004:
- 2004: $ 55,007
- 2005: $ 64,612
- 2006: $361,681
- 2009: $179,542
- 2010: $ 32,009
- 2011: $ 29,713
- 2014: $611,536
This is an agency adrift. They are lost.
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