EA18 (4) Risk in NYC

This year’s Enrolled Actuaries meeting is a bit faster paced as breakout sessions have gone from 90 minutes to a bite-sized 75 minutes and there are now 10 of them instead of 8. In that spirit these blogs will be shorter and more frequent.

We kick with my notes (my comments in brackets) on what Sherry S. Chan, New York City Chief Actuary, said at the first general session ‘Talking Risk’.

Ms. Chan reports to the Board of Trustees of the five New York City plans, not to the mayor.

Board members “specialty is not finance” so they need to have a lot explained to them. (Which made me wonder how hard it would be to find board members who do specialize in finance – instead of taking orders – as in NYC there must be thousands of people in politics with that facility – finance I mean, there are probably tens of thousands good at taking orders).

Of the $90 billion total NYC budget, $10 billion goes for pensions.

On 9/11 343 FDNY participants (3% of the workforce) died.

There are political aspects to pension investments and with the YC mayor campaigning for president and looking to make statements on a national level by divesting pension investments in guns, fossil fuels, etc.

 

One response to this post.

  1. Posted by geo8rge on April 11, 2018 at 2:07 pm

    “Of the $90 billion total NYC budget, $10 billion goes for pensions.” Did Actuary Chan hazard to speculate on what the future pension payments would be? Is it $10 billion and growing? What funding ratio does she think NYC has?

    Reply

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