Comptroller Liu Proposes Pension Fund Rule Changes

Thursday, Feb 18, 2010  |  Updated 11:16 AM EDT
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Comptroller Liu Proposes Pension Fund Rule Changes

John Liu is proposing changes to rules around the management of pension funds.

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Comptroller John Liu is proposing changes to rules surrounding the management of New York City's pension funds.

     Liu proposes lifting the city's ban on so-called placement agents. Those are politically connected firms paid to lobby pension fund officials.
    
Placement agents were at the center of a state "pay to play'" scandal.
    
Liu wants to allow agents that provide legitimate advisory services. They would have to prove they are being paid for more than just finder's fees. They would also have disclosure requirements.
    
The move would have to be approved by the pension boards.
    
Liu also wants more disclosure for fund managers.
    
The comptroller is a trustee for four of the five city pension funds and oversees all five. They are valued at about $98 billion.

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