{"id":356216,"date":"2026-09-25T00:22:13","date_gmt":"2026-09-25T00:22:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/356216\/"},"modified":"2026-09-25T00:22:13","modified_gmt":"2026-09-25T00:22:13","slug":"comptroller-tom-dinapoli-discusses-his-tenure-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/356216\/","title":{"rendered":"Comptroller Tom DiNapoli discusses his tenure"},"content":{"rendered":"

After trouncing two challengers in the Democratic primary, state Comptroller Tom DiNapoli faces a general election challenge from entrepreneur Joseph Hernandez, who is promising to modernize the office\u2019s oversight power and invest in New York state businesses.<\/p>\n

For his part, DiNapoli has held the office of comptroller for 19 years. He\u2019s brought the pension fund to $309 billion, its highest level ever; he\u2019s used shareholder influence to press companies to address climate change among other issues; and he\u2019s created a fiscal stress monitoring system for municipalities.<\/p>\n

DiNapoli sat down with Capital Tonight host Susan Arbetter to answer questions on a variety of topics, including the performance of the pension fund.<\/p>\n

In the first quarter of the fiscal year, the New York state pension fund reached its highest level ever: $309 billion with a 6.12% quarterly return on investment. But Republican challenger Joseph Hernandez called that \u201ca victory lap for underperformance\u201d compared to the rates of return other market indices are seeing, including the S&P 500 which earned a 14.87% return.<\/p>\n

When asked about the difference, DiNapoli pointed to the health of the fund, as well as its diversification.<\/p>\n

\u201cYou mentioned the number ($309 billion), a historic high, but what\u2019s most important is how well-funded are we. We are 97% funded, so we\u2019re virtually a fully funded public pension plan,\u201d he said.<\/p>\n

DiNapoli is referencing the fund\u2019s ability to pay out its obligations, which last year totaled $17.5 billion. New York\u2019s fund is one of the most well-funded in the country. Numerous state pension funds, including those in Illinois, New Jersey and Connecticut, are underfunded to the tune of billions of dollars.<\/p>\n

\u201cOur diversification is our strength,\u201d DiNapoli said. \u201cGo to some other parts of the portfolio, fixed income, private equity of late. They may not be as high as the S&P, but we\u2019re not looking to beat the S&P. The volatility in the (S&P) market means that those public equity investments tend to be the riskiest.\u00a0 We don\u2019t want to play risky games with our retirees\u2019 money.\u201d<\/p>\n

While DiNapoli believes that cryptocurrency is too risky to invest in, the pension fund is invested in some other \u201calternative investments,\u201d including private equity and infrastructure.\u00a0<\/p>\n

Additionally, the fund will remain invested in Israel Bonds, DiNapoli said, despite the current controversies surrounding the Jewish state.<\/p>\n

\u201cIt\u2019s been a safe and reliable investment, so we have no plans to change our strategy there,\u201d he explained.<\/p>\n

When it comes to pension investments, DiNapoli explained that he doesn\u2019t determine whether to invest because of ideology, but rather because \u201cwe want to minimize risk of long-term investments.\u201d<\/p>\n

Bonds are long-term investments that need to be held until their maturity date to guarantee the return of principal; divesting too soon would mean a loss of value, which would hurt the state\u2019s retirees who depend on the pension fund.<\/p>\n

During the interview, DiNapoli also talked about his office\u2019s fiscal stress monitoring system, which recently issued a report.<\/a><\/p>\n

Additionally, he told Capital Tonight that his greatest achievement over the past 19 years is that his office has maintained its credibility.<\/p>\n

\u201cI like when we\u2019re not on the front page of the paper all the time, because it means we\u2019re doing our job,\u201d he said, referencing his predecessor, Alan Hevesi, who ended up in prison after being found guilty of a pay to play scandal.<\/p>\n

Interestingly, DiNapoli mentioned another former New York state comptroller when asked if he would run for a sixth term.<\/p>\n

\u201cArthur Levitt was the longest-serving comptroller, and even when I get reelected and fill the next four years, I still will not beat his record,\u201d he said.<\/p>\n

Levitt served in the office for 24 years.<\/p>\n

\u201cI am going before the voters because I would like a four-year contract that makes no judgments about what happens four years from now,\u201d DiNapoli said.<\/p>\n

His challenger, Hernandez, will appear on Friday\u2019s Capital Tonight program.\u00a0<\/p>\n

The two candidates will appear at a debate sponsored by Spectrum News on Thursday, Oct. 1 at 7 p.m.<\/p>\n

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