Drew Warshaw, a Democratic candidate for New York State Comptroller, has publicly criticized the management of the state pension fund under incumbent Comptroller Tom DiNapoli. On March 11, 2024, Warshaw released a report asserting that DiNapoli’s nearly two-decade tenure has resulted in significant financial losses for taxpayers.
Warshaw’s report claims that over DiNapoli’s 18 years in office, the management strategies employed have cost the state an additional $59.1 billion. He attributes this loss to a heavy reliance on Wall Street investment managers, whose high fees, according to Warshaw, have led to underperformance of the pension fund. This situation, he argues, has forced taxpayers to cover the shortfall, which could otherwise have been allocated to public services and infrastructure.
In a statement, Warshaw emphasized the implications of these findings, saying, “Not to go to public services, not to go to public infrastructure, but to fill the hole left by DiNapoli’s high fee, low return on investment decisions while Wall Street managers made off with billions.” His remarks highlight concerns over fiscal responsibility and transparency in the management of public funds.
DiNapoli’s campaign did not respond directly to Warshaw’s report, but a spokesperson dismissed the findings as a “shoddy report full of math mistakes.” The spokesperson’s remarks suggest a defensive stance regarding the incumbent’s record.
The New York Post was the first to report on Warshaw’s findings, bringing attention to the ongoing discourse surrounding the management of the state pension fund. The pension fund is required by state law to remain fully funded, making the financial performance of its management a critical issue for New York taxpayers.
As the election approaches, Warshaw’s report aims to challenge voters to reconsider the current management of the pension fund and its implications for the state’s financial health. The outcome of this political contest could significantly impact the future direction of New York’s fiscal policies and public service funding.
