Cuomo Proposes DiNapoli-Unfriendly Changes to Pension Fund Regulation

Andrew Cuomo was joined by four Senate Democrats Senators this morning on the steps of the Tweed Courthouse, where they unveiled a plan to create a 13-member board to oversee the state pension fund, a change from the current structure which is under the supervision of the state comptroller, Tom DiNapoli.

“People who want to rob the state go to the pension fund,” said Cuomo.

The plan would also ban companies that contribute money to the state comptroller’s campaign from doing business with the pension fund, a change Cuomo and the senators said would be significant in and of itself.

“The system is fatally flawed,” said Cuomo. “You have a comptroller who needs to raise money, politically, you have companies that are trying to attract money from the comptroller, and those two facts are a toxic cocktail and they are prone to abuse.”

Cuomo said the governor is “generally supportive” of the concept introduced today.

When asked if the current comptroller should be re-elected if he opposes this proposal, Cuomo said, “The comptroller will have his own opinion. At one point the comptroller, when he was an assemblyman, supported this. So, I don’t know what his position is now.”

The senators in attendance were Senate Conference Leader John Sampson, Brian Foley and Eric Schneiderman, all Democrats. Senator John Flanagan, a Republican, also attended.