Spitzer and DiNapoli Announce Pension Fund Reforms, Cuomo Reserves Judgment

Eliot Spitzer and state Comptroller Tom DiNapoli announced a plan today for reforming the management of the $154 billion state pension fund.

But they did not recommend putting the fund under the control of a board of trustees. (Currently, the state comptroller’s office manages it alone). After DiNapoli’s predecesssor, Alan Hevesi, resigned over alleged misuse, it reawakened a long-standing debate about the safety of the fund in the hands of one official.

Andrew Cuomo, who is investigating Hevesi, seems to be reserving judgment. From a statement:

“We agree that the Comptroller’s Office needs significant reforms and will comment on them at the end of our ongoing investigation concerning that Office.”