The Board of Trustees is the governing body of NYCERS. It establishes the rules and regulations and carries out the provisions of laws.

The NYCERS Board of Trustees, as prescribed by the law, consists of eleven members: the Mayor's representative, the City Comptroller, the Public Advocate, the heads of the three unions with the largest number of participating employees, and the five Borough Presidents. It is responsible for investing money wisely, to ensure funds are available to members when they retire.

The Board of Trustees is also responsible for appointing the Executive Director, who oversees the day-to-day operations of the agency.

With the help of the Board of Trustees and Executive Staff, NYCERS has flourished into the largest retirement system in New York City.