The Retirement Systems of the City of New York Part 3, Actuarial Structure of the Reserve Systems, 1962

Analysis of the New York City retirement systems, consisting of a seven-part report and separate digest.



The consultants' report analyzes five areas of concern: (1) the development and structure of the retirement systems; (2) a comparison with other retirement plans, public and private; (3) the actuarial basis of the systems; (4) the current administration of the system; and (5) recommendations for benefit changes. After months of study, it was concluded that (1) all of the strictly routine functions of the system should be brought together in a single centralized pension agency; (2) there should be a massive expansion in the use of electronic data processing; (3) separate boards of trustees should be maintained, retaining in full their quasi-judicial powers and appropriate staffs; (4) the basic retirement pension for full-career employees should be 50 percent of the last year's wages; (5) cost of living adjustments should protect retired workers from inflation.