From the Daily News:
The Bloomberg administration on Thursday announced sweeping plans to create a new super pension board in an effort to cut millions of dollars in consulting fees - and boost investment returns.
The new board will be led by a chief investment officer and an in-house staff of industry professionals. They'll have power over the city's five independent pension funds.
The staff is expected to generate more robust returns for the $120 billion pension system that has been rocked by the volatile stock market in recent years.
"We're overhauling an antiquated pension management system that has needed restructuring for generations," Mayor Bloomberg told reporters.
The proposal, which must be approved by Albany lawmakers, has broad labor support.
The move could save an estimated $1 to $2 billion a year if the plan is fully implemented, city and union officials said.