Editor’s note: New York State Comptroller Thomas DiNapoli oversees one of the nation’s largest public pension funds while serving as an independent watchdog for taxpayers and local governments across the state. CSEA members know and trust DiNapoli, but President Mary E. Sullivan recently spoke with the comptroller to ask thoughtful questions that help members better understand the important work he does on behalf of public employees and all New Yorkers. Their conversation includes lessons DiNapoli has learned during his time in office, the responsibility of protecting the retirement security of public employees, and the role the Office of the State Comptroller plays in promoting transparency, accountability and financial stability throughout New York.
CSEA President Mary E. Sullivan (MES): What are some of the important things you’ve learned over the years about being state comptroller?
State Comptroller Thomas DiNapoli (TD): One of the first and most important things I learned was the profound responsibility that comes with managing and protecting the pension fund. As the trustee of the fund, I have one job to do — ensure it can deliver on its obligation to provide retirees with their pension benefits now and in the future. That means keeping it safe and properly funded. It’s for the retirement security we have promised NYSLRS members who have worked long and hard for it.
MES: How do you invest the pension fund?
TD: The fund is managed with a long-term, diversified investment strategy, which helps weather market volatility. This approach ensures safe and secure retirements for retirees and beneficiaries in the decades to come.
I respect the responsibility that comes with keeping the fund strong, and I’m proud it’s one of the best-managed, best-funded public pension plans in the nation. In fact, a recent independent review of the fund’s investment operations and policies recognized it for operating at the highest ethical, professional standards.
MES: What would you say is the most important power you have as state comptroller?
TD: That’s a big question because the Office of the State Comptroller is empowered to do many things. We use our audit power to ensure state agencies and public authorities have effective controls in place to prevent waste, fraud and abuse of taxpayer dollars. We provide analysis of statewide issues and the fiscal condition of the state. We conduct audits on cities, towns, villages and school districts to help local governments effectively manage budgets. Our reports educate and inform policymakers, lawmakers and the general public.
I am also committed to open government and transparency. Through this office we’ve been able to launch interactive data trackers that monitor trends and spending, providing accessible information to the public and policymakers. For instance, Open Book New York allows the public to search millions of state and local government financial records.
My office also administers two savings programs for working families. I helped meaningfully expand New York’s 529 College Savings Program to cover repaying student loans and rollovers to Roth IRAs when certain conditions are met. This flexibility will make it easier for students and their families to save for college. We also increased financial security for New Yorkers with disabilities through the NY ABLE program by increasing the maximum amount of savings allowed in an account from $100,000 to $520,000.
MES: Why are you running for re-election?
TD: First and foremost, I love my job. And just like our members and retirees, I’ve always taken my public service seriously. If I can help, I will. This office provides me the opportunity to protect the retirement security and benefits of 1.2 million people. I have the opportunity to train and advise local governments to serve their residents well. I have the opportunity to inform and present an independent view to New Yorkers on the important issues of the day — federal funding, issues affecting children and families and seniors, and monitoring government oversight of AI technologies. And the list of ways my staff and I can make positive changes for New Yorkers goes on and on.
I also have initiatives I’ve started that I want to see through to completion. I want to continue to build on the fund’s transparency and strong internal controls so we reap the strongest investment performance. I’m looking forward to the upcoming improvements we’re introducing to enhance our customer service experience. And ultimately, I want to continue my passion and commitment to helping and working for the people of New York.