White Papers
It’s a Question of Ethics
New York State‟s Common Retirement Fund (the “Fund”) is among the largest institutional investors in the nation, managing billions of dollars for over one million current and former New York government employees who rely on its assets for their financial security in retirement. As the sole trustee of these assets, the New York State Comptroller wields enormous influence over their investment. The confluence of discretion vested in the Comptroller over the Fund coupled with the size of its holdings has lent itself to considerable corruption over the years.
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State Pension Fund Shortfall
While the pension crisis is national in scope, it affects each public fund individually, and we New Yorkers need to fix our own Pension Fund in order to save New York members, retirees, beneficiaries and taxpayers from this looming tax crisis. The New York State Comptroller, as the sole trustee of the State’s Fund, should work with the Governor, the Legislature and all stakeholders within the framework of the principles above to develop long-term reforms that ease our Pension System back to solvency. But we cannot determine the full set of solutions that are available to New York until we first uncover the true magnitude of our own crisis. This white paper aims to uncover as much as can be determined through publicly-available sources—the Comptroller must release more data on his assumptions to allow for more fulsome analysis and, more importantly, solutions.
Public-Pensions-Averting-New-York’s-Looming-Tax-Catastrophe