A $350,000 gift horse offered by Mayor Bloomberg was rejected yesterday by the city’s largest pension system.
The mayor offered to hire a consultant out of his own budget to conduct a study of how to cut the $120 million in administrative expenses run up each year by the five pension funds.
In a 7-3 vote, the trustees of the largest fund, the New York City Employees Retirement System, said no thanks.
Comptroller John Liu and the borough presidents of Queens, The Bronx and Manhattan all voted against the proposal, as did representatives of three city unions.
Brooklyn Borough President Marty Markowitz abstained.
The only officials siding with the mayor were Staten Island Borough President Jim Molinaro and Public Advocate Bill de Blasio.
Liu spokesman Mike Loughran said he doubted the consultant could do the job within budget and on time.
Loughran said there were “better, more inclusive ways we can go about improving efficiency.”
The Bloomberg administration was stunned by the rejection.
“The vote goes against all logic and is a lost opportunity to improve operations,” said Finance Commissioner David Frankel.