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Administration October 7, 2009
Cuomo Pension Board Reform Measure Expected
October 7, 2009 (PLANSPONSOR.com) - New York
Attorney General Andrew Cuomo is expected to propose remaking
the board of the Empire State's pension fund by adding 12
more members.
Reported by Fred Schneyer
A New York Daily News report said Cuomo’s proposed bill is expected to be unveiled this week. Under current law, the state controller is the pension system’s sole trustee.
According to the Daily News, Cuomo wants a board that would include the state controller as chairman, one member each appointed by the governor and attorney general and four legislative leaders. It would be rounded out by various state and local workers and retirees – and a police-fire pension fund rep.
The bill would restrict campaign contributions from firms seeking pension fund business as well as from their employees and families.
The news report said Cuomo’s bill is also expected to propose barring the use of paid third-party middlemen by firms looking for pension fund business, something state Controller Thomas DiNapoli has already done in the midst of a several state and federal investigations across the country (see DiNapoli Bars Placement Agents for Empire State Fund ).