A message from State Comptroller Tom DiNapoli to CSEA members:

Let me get straight to the point. The New York State Pension Fund is safe and secure.

I don’t know how to make this any more clear — there has been no raid or money taken from the Fund. The retirement security of members, retirees and beneficiaries is not compromised. And your pension fund cannot be used for budget relief by the Governor or the State Legislature. As Trustee, I would never let that happen.

Despite this reality, rumors are circulating about the Fund, and I want to put an end to that misinformation right now. I think the confusion began last month, when we announced a $50 million investment in a program that has been making money for the Fund since 1987. The program is part of a longstanding relationship with Pursuit Lending and is low-risk, with a return similar to a fixed income investment, and guaranteed by the U.S. Small Business Administration. It is a win-win investment because it benefits the Fund and also helps some New York small businesses struggling to survive the economic fallout from the COVID-19 crisis. That’s it.

The misinformation you may be hearing stems from the fact that many people may not fully understand how the Fund works and how we pay for your benefits. We invest the Fund to ensure we have the dollars required to pay out over $1 billion a month to our retirees and beneficiaries. Over the past two decades, investment returns alone have paid for over 70% of pension benefits.

So, that’s the story. The Fund is secure. There’s no raid. Anything you hear to the contrary is false.

The New York State pension plan is recognized as one of the best-funded plans in the nation. You have my assurance, as Trustee of the Fund, that I am here only to continue to safeguard the Fund and to provide you a secure retirement. That’s what I’ve always done. That’s what I’ll always do.