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View More Press Releases by New York State Department of Financial Services

Press release:

Alert: Whistleblower Hotline To Report Misconduct At New York's Public Pension Funds, Including Misconduct By Pension Consultants

Issued by: New York State Department of Financial Services

Date: Nov. 13, 2013

November 13, 2013 -- The New York State Department of Financial Services (DFS) serves as the regulator of New York State’s public pension systems, which collectively hold more than $350 billion in assets. As part of that legally mandated role, DFS is currently conducting a series of audits of the New York City Employee Retirement System, the New York State and Local Retirement System, and the New York State Teachers’ Retirement System.

Among the topics DFS’s audits are expected to cover, include: controls to prevent conflicts of interest among pension consultants, which are hired by the funds to provide investment advice; pension spiking, a practice through which employees load up on overtime in their final years of service to pad their pensions; enterprise risk management; information technology; and other issues.

If you have information related to misconduct at New York’s public pension funds in these or other areas, you can file a notice with DFS’s public pension whistleblower hotline at 518-549-1102. Messages may be left anonymously. The identity of all whistleblowers will be kept in the strictest confidence.

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View More Press Releases by New York State Department of Financial Services


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