NY state regulator to examine 'pension spiking' - DC News FOX 5 DC WTTG

NY state regulator to examine 'pension spiking'

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ALBANY, N.Y. (AP) - New York's top financial regulator has announced plans to examine several government employee pension funds and take steps to root out "pension spiking."

In letters to the comptrollers who oversee retirement funds for state employees, teachers, public workers in New York City, Superintendent Ben Lawsky says his Department of Financial Services has taken a fresh look at its responsibility for pension fund oversight.

The department's audit plan now includes examining the policies and procedures at the funds to stop spiking, the practice where employees "load up on overtime in their final years of service to pad their pensions."

Lawsky says other audits will examine the funds' risk management, actuarial assumptions about investment returns, use of consultants and controls to prevent conflicts of interest.


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