Funston Advisory Services's Our Blog

FAS Report on the New York State Common Retirement Fund released by the New York State Comptroller

July 15, 2016

On July 14, 2016, New York State Comptroller Thomas DiNapoli released the "Fiduciary and Conflict of Interest Review of the New York State Common Retirement Fund" report prepared by Funston Advisory Services. The New York State Common Retirement Fund is the third largest public pension fund in the United States with estimated assets of $178.1 billion as of March 31, 2016. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. The press release can be viewed at http://www.osc.state.ny.us/press/releases/july16/071416b.htm.The full FAS report is available on the Comptroller's website at http://www.osc.state.ny.us/reports/pension/NYSCRF_Fiduciary_and_Conflict_of_Interest_Review_2016.pdf Media reporting which referenced our report included:ABC News: "Outside Review Says NY Pension Fund Responsible, Needs...

The Risk-Intelligent Public Pension Trustee in Government Finance Review

May 24, 2016

May 24, 2016 April 2016 Government Finance Review is the Government Finance Officers Association’s (GFOA) bimonthly membership magazine. It publishes articles in the forefront of the public finance profession. The April 2016 edition features an article written by Rick Funston and Randy Miller which addresses evolving public pension governance challenges and suggests potential approaches for improving governance policies, structures and decision-making processes. Click here to read the article.

NYC Pensions Begin ‘Critical’ Reforms

March 17, 2016

March 16, 2016 This ai-CIO.com article describes the focus put on talent development and recruitment after a 398-page review of the bureau’s operations highlighted understaffing as an area in need of “critical” attention. According to the article, “Given that the 240 recommendations made by Funston encompass more work than can likely be completed before Comptroller Scott Stringer’s term ends December 2017, Evans said the goal is to tackle the most severe issues now while creating a foundation for lasting change.”Click here to read the article.

“PA's pension crisis, in retrospect” explains how public pension assumptions are critical.

February 29, 2016

February 26, 2016 The Sentinel, a newspaper in Carlisle, Pennsylvania, provides an insightful examination of how pension assumption changes passed by the Pennsylvania legislature 15 years ago, combined with chronic short contributions to the two statewide public retirement systems, have combined to create a significant under funding situation which will be very difficult to resolve. Click here to read the article.

​FAS report on New York City Bureau of Asset Management released

January 29, 2016 ​FAS report on New York City Bureau of Asset Management released

On January 26, 2015, New York City Comptroller Scott Stringer released the “Management and Operations Study and Best Practices Review” report Funston Advisory Services prepared as part of our assessment of the NYC Bureau of Asset Management (BAM). BAM invests and manages $160 billion in funds on behalf of the five major New York City retirement systems. The press release can be viewed here.The full FAS report is available on the Comptroller’s website here. Media reporting which referenced our report included:The New York Times: “New York City’s Pension System in Danger of ‘Operational Failure,’ Report Says”Pensions & Investments: “NYC Retirement Systems faces high ‘operational risk’ without reforms — report” ai-CIO.com: “'Serious Issues' in NYC Pension Investment Operations”Reuters: “NYC's pension operations need to be brought into 21st century: comptroller” Plansponsor.com: “Report Reveals Stress Points in NYC Pension System” The Bond Buyer:...