Administration May 1, 2009

Cuomo Announces Multi-state Effort on Pension Abuse

May 1, 2009 (PLANSPONSOR.com) - New York Attorney General Andrew M. Cuomo has announced a multi-state cooperation in revealing pension fund abuses.
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“I just held a briefing with 100 individuals from 36 Attorneys General’s Offices to discuss findings of our ongoing pension fund investigation. We decided to create a multi-state task force to explore pension fund abuse so states can share vital information to prosecute wrongdoing and facilitate nationwide reform,” Cuomo said.

He added that the task force will allow for a unified, efficient method of gathering information.

With an ongoing state-federal probe continuing into the role of paid intermediaries doing business with the New York State Common Retirement Fund (CRF), New York state Comptroller Thomas P. DiNapoli has now banned use of such “placement agents.” (See DiNapoli Bars Placement Agents for Empire State Fund )

The New York investigation has led to investigations in New Mexico (see Auto Czar Also Indicated in NM Pay-to-Play ) and Los Angeles (see LACERS Enacts Paid Agent Disclosure Rules ).

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