Comptroller Vows to Reform Dated Bureau of Asset Management

New York City comptroller Scott Stringer discusses a recent report from his office that found the city’s retirement system is marred by insufficient resources, including being understaffed and lacking the tools required to assess the risks of its investments, and is susceptible to "operational failure."

The comptroller said structural reform of the city's pension system hasn't been analyzed in a decade, and with the troubling findings of the recent report, he vowed to move the retirement fund into the 21st century. One of the reforms comptroller Stringer proposed is creating a system to assess the performance of the managers of the city's pension funds.