NYC Employees Retirement System

The meeting commenced with a quorum confirmation followed by the Executive Director's Report, which primarily focused on updates related to the COVID-19 pandemic. Key points included the successful transition of over 450 employees to remote work, operational changes such as encouraging members to use the MyNYCERS account, and special measures implemented to assist members in critical condition or end-of-life situations regarding filing retirement paperwork, including the establishment of a legal mailbox. Temporary policy adjustments were announced concerning contract signing (now using DocuSign), health insurance enrollment for retirees (replacing manual receipts), postponement of income affidavit suspensions due to tax deadline extensions, relaxed requirements for Letters of Administration/Testamentary, and modified procedures for notarization and service of process (using LegalDocs@NYCERS.org). Additionally, the requirement for original vital records was temporarily suspended. The agenda also included a proposed resolution concerning the Special WTC Trial Committee Recommendation, a Legislative Report Update, and a Technology Modernization Update. Finally, several cases were read into the record as Laid Over or Referred Back from the BOT Denial Calendar No. R-17.

The public agenda for the meeting covered several items. The Chair's report included the approval of the Regular Board Meeting Minutes of October 13, 2022, and the Investment Meeting Minutes of October 19, 2022. The Executive Director's report involved discussions on a proposed resolution for the WTC Review Committee, an update on legislative matters, a proposed resolution regarding CII Membership, updates on business operations, client services, and technology modernization projects, and the proposal and adoption of the 2023 Board Meeting Calendar. The Chief Actuary's report addressed the required transfer of assets from NYCERS to cover expected December 2022 deficiencies in the Housing Police and Transit Police Variable Supplements Funds. Subsequent resolutions detailed accepting the WTC Review Committee's recommendation and directing voucher payments for annual membership dues to the Council of Institutional Investors (CII).

The public agenda for the meeting covered several critical reports. The Comptroller's Office presented resolutions regarding the Net-Zero 2040 Plan and Joint Investment Meeting Authorization. The Executive Director's report included updates on the WTC Review Committee Recommendation, legislative matters, business operations, client services, and technology modernization projects, as well as the adoption of Calendar Book R-1 to R-22. The Chief Actuary provided finalized determinations concerning the Actuarial Present Value and the Final Amount Allocable to the Correction Officers' Variable Supplements Fund as of June 30, 2021. Subsequent resolutions adopted by the Board detailed commitments to engage building owners to reduce operational emissions in line with the Net-Zero 2040 goal, including completing a baseline energy use assessment in 2023 and ensuring compliance with Local Law 97.

The public agenda for the meeting included several key reports and proposed resolutions. The Chair's report covered a proposed resolution regarding Local Law 97. The Comptroller's Office reported on a proposed resolution concerning Net-Zero by 2040 Operations. Other discussions involved a presentation by Grant Thornton Auditors, and the Executive Director's report covered the FY2023 Budget Reconciliation Memo, a proposed resolution on the WTC Review Committee Recommendation, a Legislative Report Update, a proposed resolution for Billing of Investment Related Expenditures for the 4th Quarter FY-2023, updates on Collective Bargaining Recalculation, Business Operations, and Technology Modernization Project Updates, and the adoption of Calendar Book R-1 to R-22. The Chief Actuary provided a Death Audit Update. A specific resolution adopted by the Board accepted the recommendation of the WTC Review Committee regarding cases reviewed pursuant to Board Rule 23 (d)(6).

The meeting agenda included a roll call and reports from the Actuary and the Comptroller. Key discussions involved the proposed resolution for the determination of the actuarial present value of accumulated plan benefits for the fund as of June 30, 2025. The Comptroller's report covered an investment update and a proposed resolution to extend the Comptroller's Investment Authority. The resolution concerning actuarial assumptions adopted assumptions used to determine benefit values and directed the transfer of $157,412,143 in Fiscal Year 2025 Transferrable Earnings from the New York City Employees' Retirement System (NYCERS) to the COVSF. The resolution regarding investment authority detailed the Comptroller's powers to manage investments and established rules for handling and disclosing confidential investment information.