Cuomo seeks law to protect pension fund
To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
ALBANY, N.Y. -- Attorney General Andrew Cuomo proposes legislation aimed at protecting the state's pension fund.
Some of the items under Cuomo's plan include more transparency in investments and those involved in the investments, the consequences for violations would become more severe, and any conflicts of interest must be disclosed quickly.
The proposal also calls for a board made up of 13 trustees to take over the responsibility of the state comptroller.
In a statement, Cuomo said, "Today's legislation will ensure that the fate of our public retirement fund isn't decided by one individual, and that the entire system is rid of the kind of pay-to-play that infected and derailed it in the first place."
Comptroller Thomas DiNapoli is in favor of the bill but said some changes must be made in order to avoid a fight over its constitutionality.