An independent report commissioned by the Comptroller’s Office found that the state’s $150 billion pension fund is well run and transparent.
The report released today comes after years of tumult at the office during the tenure of Comptroller Alan Hevesi, who served 19 months in prison for a pay-to-play scheme involving the fund. He was released last December.
DiNapoli, who was appointed to the position in 2007 after Hevesi resigned, convened a task force soon after taking office to clean up the troubled office. The fund also hired Funston Advisory Services to review the fund’s management.
The fund provides retirement benefits to 1 million current and former state and local workers.
“Funston’s independent analysis confirms that the New York State Common Retirement Fund is a leader among public pension funds in this country and is setting a standard for transparency and ethics,” DiNapoli said in a statement. “Since becoming Comptroller, I have improved policies and procedures, strengthened internal controls and standards, and increased public disclosure. This review is a validation that we are on the right path and should reassure the people of New York the Fund is being managed properly and ethically.”
DiNapoli, a Democrat, was elected to a four-year year in 2010.
The report said that Funston examined 1,700 documents and conducted dozens of interviews with staff and external advisers to review the fund.