Gov. And Comptroller Propose Pension Fund Reforms

Summary

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Specifically, the new regulations will create a new audit committee, mandate an actuarial committee to review actuarial standards, establish clear standards for evaluating investment performance and risk, and strengthen the investment advisory committee. These reforms dovetail with [Thomas DiNapoli]'s ongoing efforts to develop, implement and publicly disclose management standards, practices and policies. These steps are designed to improve internal controls, increase transparency and set ethical standards and fiduciary responsibilities. Many of the new rules are already in place at the Comptroller's office.

Since taking office in February, DiNapoli has created the position of Inspector General and appointed a new Special Counsel for Ethics, and he has established clear guidance and disclosure rules on acceptable practices regarding investment managers, advisors and consultants. Many of DiNapoli's reforms, including his disclosure requirement regarding the use of placement agents and the use of the Inspector General to investigate charges of corruption, will be codified in the new regulations. DiNapoli also announced that he will be releasing a monthly report of pension fund activities, including information about placement fees and agents involved in Fund investments.

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Gov. And Comptroller Propose Pension Fund Reforms

Governor Eliot Spitzer, State Comptroller Thomas DiNapoli and Insurance Superintendent Eric Dinallo recently proposed a new set of state pension fund regulations which will improve efficiency, protect the pensions of one mil...

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