New York AG seeks law to protect pension fund

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Associated Press

Posted on October 8, 2009 at 11:03 AM

ALBANY, N.Y. (AP) — Attorney General Andrew Cuomo has proposed replacing the elected state comptroller as the sole trustee of New York's massive public employee pension fund.

Cuomo instead wants a board of trustees that he says will eliminate payments seeking to influence investments, a practice under former state Comptroller Alan Hevesi that has led to successful prosecutions in an investigation by Cuomo. Hevesi resigned in 2007 after he admitted using state workers as drivers and companions for his wife.

Current state Comptroller Thomas DiNapoli calls the bill a good step and in line with reforms in his office. But he cautions changes must be examined carefully to avoid protracted fights over their constitutionality.

Cuomo, flanked by key Senate sponsors, announced the proposal Thursday.

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