DiNapoli Says Big Pay Raises Are Justified
Comptroller Thomas DiNapoli this morning defended the whopping $500,000 in pay raises he has doled out to his pension investment team.
The Daily News reported today that DiNapoli, who warns regularly about the state’s fiscal woes, has given out double-digit pay raises to 21 of the 35 investors who invest for the state’s $154 billion pension fund.
But despite his calls for fiscal constraints in the state, DiNapoli said the pay raises in his office were justified in order to retain skilled investors who make sure government workers’ pensions are protected and invested properly.
He said the workers are underpaid compared to Wall Street investors and in some other large states.
“I certainly stand behind the recommendations we made for there to be a salary enhancement,” DiNapoli said after saying in a separate announcement that 70 percent of state grants to non-profit groups are late.
“That recommendation went in a long time ago. But even more so now, with Wall Street being on a roller coaster, with the volatility of the market, I need smart people investing those pension dollars.”
DiNapoli has railed against abuses of the state pension system, but said this is different because the workers properly receive a pension. Still, there pensions will be inflated because of the boost in salary.
“If we don’t continue to have New York state as a well-managed fund and as a fund getting a strong rate of return, taxpayers are going to pay because of increased contributions required from government employers, whether it be the state, or the county or town, or the city where you live,” he said, adding that “Pensioners will be jeopardy if we don’t make our numbers.”
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I would like to know before the November Election on how each one of our State Assembly and State Senators will vote on this. They are going to wait till after the election to vote themselves a raise so we should know before we vote.
I know they all look at this blog so if they do not go on record saying they will oppose it. You will have to take for granted that they will vote on it.
Lets see if any of them will have the courage to publicly caome out for it.
Of course they need a raise they work very hard in that part time job that they have.
the United States.
afford to live here anymore.
They work so hard for us, of course they need one.
Pension?? Where’s my pension??? Like most other taxpayers, I work for a private company with no pension. Do gov’t employees contribute to their pension? Is it like my 401k where I get 10 cents for every $1.00 I put in??
I’ll bet a pension is better than a 10% return.
I agree with JD. I work for a private fortune 500 company and our pensions were frozen year-end 2007. Why do all government workers including our State Senators and State Assembly think they are entitled to a pension? If they think they are all entitled, then why didn’t they stop the private fortune 500 companies from freezing their pension plans and also going to cash balance pension plans. All of these politicians need to feel the pain like the rest of us in the private sector. Until they feel the same pain, they won’t dare reform the tax structure. If we want to reduce property taxes and every other tax in New York State, we need major tax reform. There are only a few elected officials out there there that have the GUTS to make major changes. Most politicians are self-serving individuals only interested in getting re-elected and outright lie to their constituents. There are a few that have integrity and tell it like it is and the way it should be. The brave politician that does come along and does raise the significant issues, are labeled as troublemakers and their party won’t even back them with $$$ or help to get elected or re-elected. You all know who you are.