Pension fund a hot topic in Comptroller race
Pension costs are set to skyrocket by 37 percent next year; an added burden for state and local governments. It's also bad news for State Comptroller Tom DiNapoli as his management of the state's pension fund is becoming a major topic of debate in this year's Comptroller race. Our Erin Billups has the details.
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ALBANY, N.Y. -- State Comptroller Tom DiNapoli announced Thursday state and local governments will have to contribute $1.3 billion more to the state's $125 billion public pension fund.
"Unfortunately, it takes the economy a lot longer to climb out of a hole than it takes to fall in it,” said Tom DiNapoli, (D) NYS Comptroller.
The increased contribution rate will cover money lost in the 2009 financial meltdown. DiNapoli assured those collecting pensions they have nothing to worry about.
"These pensions are secure,” said DiNapoli.
But DiNapoli's republican challenger Harry Wilson says there's actually a lot to worry about. Wilson released his own report Thursday with very different numbers.
"Accounting illusions have allowed the current Comptroller to state the fund is fully funded when the reality is, if you apply private sector standards, it is dramatically underfunded, similar to between $30 to $80 plus billion,” said Harry Wilson, (R) Comptroller candidate.
DiNapoli though, says Wilson is being reckless, using numbers that are not based on the latest actuarial studies.
"I think a lot of numbers are being thrown around in an irresponsible way. I haven't reviewed his paper. I don't know what he's backing it up with,” said DiNapoli.
"We've reviewed the assumptions; we've reviewed everything that's online, Mr. DiNapoli criticizing people who criticize him,” said Wilson.
The Pew Center recently reported that New York has one of the best-run public pension funds, something DiNapoli repeatedly points to.
"We are not New Jersey, we are not Illinois, our fund deals in real numbers and we pay our bills,” said DiNapoli.
Wilson says New Yorkers need to crunch the numbers themselves.
"Let the public decide,” said Wilson.
With the general election two months away, the debate is a sure sign this race is heating up.