New York State Insurance Fund

The board conducted elections for the Chair and Vice Chair of the Commissioners. Reports were provided regarding the Workers' Compensation Fund's 2025 financial performance, which noted a decrease in net income, and the Disability Benefits and Paid Family Leave Fund, which also saw reduced net income. Additional updates were provided on investment committee activities, private market funds, upcoming procurements, and real estate projects. The meeting also included an executive session for discussion regarding legal advice.

The meeting featured a report from the Executive Director regarding personnel changes and the publication of a long covid report. The Acting General Attorney announced the appointment of a new Ethics Officer. Reports were provided by the Budget and Audit Committee regarding year-end financials and the Investment Committee concerning portfolio performance and risk review. The board convened in an executive session to discuss matters related to information technology contractors, with no formal actions taken during that session.

The board meeting included a review of standing reports from the Executive and General Attorney offices and an actuarial presentation by Willis Towers Watson regarding the Workers' Compensation Fund and Disability Benefits Fund. The Budget and Audit Committee presented the EisnerAmper external audit report for the year ended December 31, 2023, and discussed Q1 2024 financial results. Additionally, the Investment Committee reported on its monthly performance and compliance reviews.

This Investment Policy Statement defines the framework for the New York State Insurance Fund (NYSIF) to manage its assets, ensuring a sound net asset position to meet liabilities and provide affordable workers' compensation insurance. Key strategic elements include a comprehensive investment philosophy and strategy focused on capital preservation, strategic asset allocation, diversification, and long-term perspective, alongside robust risk management. The policy also emphasizes performance objectives, prudent portfolio rebalancing, and a strong commitment to diversity and inclusion, including MWBE and SDVOM participation. Furthermore, it integrates ESG considerations with a goal to achieve net-zero status in investment portfolios by 2040 and promotes responsible contracting.

This Investment Policy Statement defines the framework for managing the assets of the New York State Insurance Fund (NYSIF) across its Workers' Compensation Fund, Disability Benefits Fund, and Aggregate Trust Fund. The plan outlines NYSIF's investment philosophy and strategy, emphasizing capital preservation, diversified strategic asset allocation, and comprehensive risk management to meet liabilities and generate returns. Key focus areas include investment objectives, process, risk management, and defined roles and responsibilities, with commitments to diversity and inclusion (MWBE and SDVOM firms), ESG considerations, and responsible contracting. The overarching goal is to maintain a solvent fund, ensure adequate liquidity, and provide appropriate payments to policyholders and injured workers.