A Letter from the Chief Actuary

The breadth and professionalism of the actuarial services provided by the New York City Office of the Actuary (NYCOA), in many ways, stems from the pioneering actuarial methods and philosophies instituted by the first Chief Actuary, an architect of the public pension systems, George B. Buck.

Mr. Buck crafted and developed pension models and theories, such as the idea of pre-funding pension plans and setting up trusts to protect the funds, all of which are still being followed today in the New York City Retirement Systems (NYCRS) and in similar public pension systems across the country.

In large part because of the history, steady reputation, and dedicated staff of the NYCOA, the soundness of the City’s retirement systems have stood the test of time. Our actuarial services and mindset assist the stewards of the NYCRS in being accountable to our public servants and the retirement benefits promised to them.

As for the future of this agency, I am looking to improve the operations of this office by digitizing the agency, reducing costs, increasing funding, improving efficiency in all our operations, and enhancing professionalism. I am also keeping a careful eye on the newest members of the City’s public pension funds, Tier 6 members, ensuring that future members receive fair and equitable benefits. Overall, the City’s retirement plans, which are defined benefit plans, offer our City employees a guaranteed amount upon retirement and the actuarial services we provide on a regular basis make these plans whole and sustainable well into the future.

Sherry S. Chan
Chief Actuary