Final Actuarial Audit Reports Submitted by Bolton Partners, Inc. – Experience Study Discussion through June 30, 2017 – Part 3 of 3

Executive Summary

Part 3/3

Bolton Partners, Inc. was retained by the New York City Comptroller’s Office to serve as Independent Actuary under Section 96 of the New York City Charter.  The engagement relates to the five pension funds that collectively comprise the New York City Retirement Systems (NYCRS), which are:

• New York City Employees’ Retirement System (NYCERS);
• Teachers’ Retirement System of the City of New York (TRS);
• Board of Education Retirement System of the City of New York (BERS);
• New York City Police Pension Fund (POLICE);
• New York City Fire Pension Fund (FIRE).

This engagement consists of the following projects:

• Biennial Contribution Audits;
• Biennial Experience Studies;
• Two Administrative Reviews;
• Two Independent Actuary’s Statements.

This report summarizes our second Experience Study.  The areas covered in the Experience Study include:

• Comparison of the NYCERS experience with Assumptions;
• Comparison of the TRS experience with Assumptions;
• Comparison of the BERS experience with Assumptions;
• Comparison of the POLICE experience with Assumptions;
• Comparison of the FIRE experience with Assumptions.