Independent Review of State Pension Fund Finds DiNapoli’s Reforms Highly Effective
New York State Comptroller Thomas P. DiNapoli Tuesday released an independent review of the New York State Common Retirement Fund (Fund) that found it is well–run, operates with an industry–leading level of transparency and invests effectively on behalf of its members. The review by Funston Advisory Services, required as part of robust oversight reforms pushed by DiNapoli, determined the Comptroller is fulfilling his fiduciary responsibilities and that Fund employees act within ethical and professional standards.
Attorney General Eric T. Schneiderman and Comptroller Thomas P. DiNapoli Wednesday announced that the co–defendants in the case of former New York Senator Shirley L. Huntley have pleaded guilty for their roles in an illegal member item theft scheme and a cover up. Patricia Savage, Senator Huntley’s aide and president of Parent Workshop, a bogus nonprofit, and Lynn Smith, Senator Huntley’s niece and the treasurer of Parent Workshop, pleaded guilty today to the felony of Attempted Grand Larceny in the Third Degree, and agreed to pay $29,950 in restitution to the state of New York, the full amount of taxpayer dollars they had stolen. A third co–defendant, David Gantt, pleaded guilty to the charge of Falsifying Business Records in the Second Degree.
New York State Common Retirement Fund Announces Third Quarter Results
The New York State Common Retirement Fund’s (Fund) rate of return for the third quarter ending December 31, 2012 was 1.74 percent, according to New York State Comptroller Thomas P. DiNapoli. The Fund’s estimated value at the end of the third quarter was $152.9 billion, near its historical high.
The City of Yonkers has persistently faced significant budget gaps which have caused the city to draw down its fund balance. Recent declines in state aid, property values and growing school demands have added to the city’s financial challenges, according to a report released Wednesday by New York State Comptroller Thomas P. DiNapoli. Yonkers officials have started making tough choices needed to bring the City’s budget into structural balance. The report is the latest in a series of fiscal profiles on cities across the state released by the Comptroller’s office.
The City of Syracuse is confronted by a large number of vacant and tax–exempt properties, low rates of home ownership and decreased home values, according to a report released Wednesday by State Comptroller Thomas P. DiNapoli. The rating agencies credit Syracuse for having a relatively strong financial position, but caution the City is susceptible to adverse economic conditions. The report is the latest in a series of fiscal profiles DiNapoli will issue on cities across the state.
Qualcomm Incorporated and the New York State Common Retirement Fund (Fund) were pleased to announce Friday that following informative discussions, the Fund has decided to withdraw the lawsuit it filed on January 2, 2013. Qualcomm will implement a revised political spending disclosure policy which is now available on its website.