The Cultural Institutions Retirement System

The Cultural Institutions Retirement System

The Cultural Institutions Retirement System was established in 1962 by five New York cultural institutions to deliver retirement and insurance benefits to their employees. It later incorporated private tax-exempt child care centers through the Day Care Council of New York. Richard Scheer serves as Executive Director, with support from Controller Chadwick Roberson and Associate Director Maureen Scaduto. The system deploys capital across public equity index funds, target-date funds, a stable value fund managed by T. Rowe Price, and private markets. Private equity exposure stands at 13.19 percent. Confirmed holdings include a commitment to Almanac Realty Securities IX and an interest in Graham Partners VI. Geographic reach centers on the United States with additional international equity exposure through index vehicles. Nineteen professionals operate from the New York headquarters. The plan offers self-directed brokerage accounts through TD Ameritrade and recordkeeping via Voya Financial. April 2025: Richard Scheer spoke at the SVIA Spring Seminar on stable value funds and recordkeeper relationships. Governance rests with a nine-member Board of Trustees. The Mayor of New York appoints two trustees, while participating unions including District Council 37 and District Council 1707 appoint others. Founding institutions such as the New York Botanical Garden and Wildlife Conservation Society retain ongoing roles as participating employers.