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Fiduciary Responsibilities of the Comptroller

In New York, the State Comptroller is sole trustee of the New York State Common Retirement Fund (CRF). Under this model, Comptroller DiNapoli is directly accountable for the performance, oversight and management of the Fund.

Having one person ultimately responsible for the CRF has enabled comptrollers to act quickly to respond to market changes and to protect the CRF from being raided by past governors.

Comptroller DiNapoli is responsible for making sure the CRF meets its annual performance benchmarks while mitigating risks to the CRF’s security. The Comptroller also ensures that investment policies and practices adhere to the highest levels of ethical conduct and transparency.

The Comptroller seeks the input of a wide-range of internal and external advisors to determine the best allocation of assets and the best investment choices for the CRF. Sixty employees work in the Office of the State Comptroller’s Division of Pension Investment and Cash Management. The CRF also relies on an extensive network of outside advisors, consultants and legal counsel to provide the Comptroller with independent advice and oversight of all investment decisions. Outside advisors and internal investment staff are part of the chain of approval that must sign off on all investment decisions before they reach the Comptroller for final approval.

The Comptroller also maintains several advisory committees that meet periodically throughout the year and provide independent, expert assistance in guiding the CRF. These panels include: the Advisory Council for the Retirement System; the Investment Advisory Committee; the Real Estate Advisory Committee; and the Actuarial Advisory Committee. These entities are covered by a Code of Ethics and some committees have a financial disclosure policy.