And each system would do their own thing and it would slow down investments, and it was paperwork upon paperwork, and we weren't getting the kind of effort that the pension fund and a pension fund of over $250 billion should be providing. I merged the five funds, and I did it strategically in a way that the five funds did not require state legislation or city council legislation. Every union leader sat with me and we agreed voluntarily to merge the funds. And we were able to create that 9% rate of return because we were nimble in investments and we were able to do things that never were done before. (12:33–12:43)
CLAIM
Asserts that Scott Stringer merged five pension funds without needing state or city council legislation.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
