The 2013 Pension 40: Gregory Floyd

Gregory Floyd’s father, mother and father-in-law worked for the city of New  York, and all of them received city pensions. Floyd followed in his dad’s footsteps by becoming a captain with the hospital police. Now president of   Teamsters Local 237 and a trustee of the $45.7 billion New York City Employee Retirement System, he’s fighting to ensure that he and future public workers have the same benefits as earlier generations. “The pension issue is so important to us because this is the last promise that was made to” municipal employees, who gave up higher wages in return for retirement income security, says Floyd, 50. He points out that the average Nycers pension is $11,000 a year. The New York City defined benefit system — the U.S.’s fifth largest — consists of some $137 billion in assets in five funds, of which Nycers is one of the two biggest. Each fund has its own board of trustees. In an election year like 2013, which will yield a new mayor and comptroller, labor representatives are especially powerful as candidates seek union support. Among the most outspoken pension trustees, Floyd, who’s served on the Nycers board since 2007, once considered running for mayor himself.