Comptroller DiNapoli Statement Regarding IDC Report on Pension Fund Management Fees

The Independent Democratic Conference (IDC) released a fundamentally flawed and misleading analysis that demonstrates a level of irresponsibility rarely seen in this Capital. I find it shocking that these senators did not fully research this subject. Had they bothered to contact my office prior to releasing this report, they would have been educated on the whole story, not the half truths they present.

When I became Comptroller in 2007, I inherited a mess. I have made it my priority to ensure that the pension fund is run with greater transparency and accountability. Due to the reforms I instituted, our financial statements now contain fees that are clearly identified as management expenses. Also, the IDC did not take into account our assets under management which have fluctuated significantly over the past several years, driving fees.

As with all pension discussions, I continue to call for a thoughtful analysis based on facts. This report fails the test of credibility.

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