TOM DI NAPOLI SAYS PENSION FUNDS WILL NOT BE HARMED

Albany, N.Y.--  Over the weekend, the Gannett network of newspapers in New York state, including Rochester, Albany, Binghamton, WGRZ-TV in Buffalo, Poughkeepsie and other locations ran several editorials bashing the pension fund  system and asking lawmakers to raise the age of retirement.

Here is an excerpt of the State Comptroller Tom Di Napoli's press release issued earlier today about that subject:

“There have been a number of outrageous and unfounded rumors and erroneous press reports that I will allow a raid of the pension fund to balance the state budget."

He added, “Let me be very clear: The pension fund will not be used to balance the budget."

“The Pew Center recognized New York as one of only four fully-funded state pension systems. New York’s strong position has been achieved through long-term, fiscally responsible practices. My first job as state comptroller is to protect the one million members, and the rest of New York State taxpayers, from the irresponsibility that has left New Jersey, Illinois, California and dozens of other public pension funds across the nation dangerously under-funded. I will fight any raids on the New York State Common Retirement Fund."

“Shame on those individuals who are playing politics, trying to mislead taxpayers and scare members and retirees who rely on the fund for their financial security. The fund is not a political football."

“The fund is strong. I recently reported that SFY 2009-10 was the third best investment year in the past 20 years. The Pew Report found that our fund is one of the best managed funds in the nation. I will not sacrifice that strength to a dysfunctional budget process."

“The State Comptroller’s office has a long history of protecting the fund from raids.  I will protect the fund from any raids under any circumstances.”

Facts about the Fund:

Third Highest Return in Last 20 Years: The pension fund posted a 25.9 percent rate of return for the fiscal year ended March 31, 2010, driving the value of fund assets to approximately $132.6 billion.

Nationally Recognized for Excellence by Pew Center: In February, the Pew Center on the States issued a report calling New York one of the best managed pension funds in the country. Only four states in the country are fully-funded: New York, Florida, Washington and Wisconsin.

Safe, Strong and Secure: The pension fund is one of the best funded public pension funds in the nation and can cover its current and future obligations.

In a statement from CSEA released moments ago, it read:

 "CSEA fully supports New York State Comptroller Tom Di Napoli's position against any attempt to undermine the integrity of the New York State Retirement Fund.  There are few if any issues of greater concern to CSEA members than protecting the retirement system. CSEA is proud that Comptroller Di Napoli has demonstrated strength and character in clearly and forcefully rejecting pressure to let the fund be used for political purposes."