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Pension Funds

Stephen Cassidy out as executive director of New York City Fire Pension Fund after arrest

New York City Fire Commissioner Daniel A. Nigro has removed Stephen Cassidy as executive director of the New York City Fire Pension Fund.

"In light of the incident involving Stephen Cassidy last night and his subsequent arrest, effective immediately, I have removed him from his position as executive director of the New York City Fire Pension Fund," Mr. Nigro said in a brief statement posted Wednesday on the city fire department's website.

According to news reports, Mr. Cassidy was driving a car in Manhattan late Tuesday that jumped a curb and crashed into a dumpster. He was arrested on charges that included driving while intoxicated and possession of a controlled substance. Mr. Cassidy has pleaded not guilty, according to news reports.

Mr. Nigro's statement didn't provide additional information including who would replace Mr. Cassidy at the pension fund, which had $13.25 billion in assets as of Feb. 28. Mr. Cassidy had held the job since November 2016.

The firefighters' pension fund is one of five pension funds — each with independent boards — within the $194 billion New York City Retirement Systems. City Comptroller Scott M. Stringer is the fiduciary for the pension funds.