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March 12, 2018 Office of the New York City Comptroller One ...

Bolton Partners, Inc. 36 S. Charles Street Suite 1000 Baltimore, Maryland 21201 (410) 547-0500 (800) 394-0263 Fax (410) 685-1924 Employee Benefits and Investment Consulting March 12, 2018 The Honorable Scott M. Stringer New York City Comptroller Office of the New York City Comptroller One Centre Street New York, NY 10007 Re: Independent actuary s Certification Regarding the Funding of the Five Actuarially-Funded New York City Retirement Systems Dear Comptroller Stringer: Bolton Partners was hired to conduct two consecutive biennial actuarial engagements. Bolton Partners, Inc. is pleased to present our Independent Actuarial Certification. This is one of the deliverables under our first biennial engagement to serve as Independent actuary under Section 96 of the New York City Charter.

Office and Sherry Chan, Michael Samet and Anderson Huynh at the Office of the Actuary and their colleagues for their assistance in providing us the required data and sample life information, as well as promptly answering our questions regarding sample life calculations and

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