Jan. 30 (Bloomberg) — New York City Comptroller Scott Stringer, who oversees $150 billion in pension assets, called for expanding a ban on agents who solicit investments for the city's five pension funds.
Stringer, a Democrat who took office Jan. 1, also proposed bolstering financial-disclosure rules for employees who advise the funds. He will appoint a risk and compliance officer and an internal auditor to address potential conflicts of interest and strengthen controls at the comptroller's Bureau of Asset Management.
"We must have a broader, formal ban to ensure that New York City does not experience the pay-to-play scandals that have plagued other funds in recent years," Stringer said today in a speech to the Citizens Budget Commission. "These scandals cost taxpayers money and undermine public confidence in, and support for, pensions."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
