Institutional Investors Politics & Regulation Tax & Legal

New York state proposes pension reforms


New York legislators, in a bipartisan effort, are supporting attorney general Andrew Cuomo's proposed pension reforms in introducing state legislation, titled Taxpayers' Reform for Upholding Security and Transparency, or TRUST, which would replace the sole trustee at the New York State Common Retirement Fund with a board of trustees.

The primary goal is to eliminate pay-to-play politics with state public pension fund assets. The $117 billion New York State Common Retirement Fund will have a board of 13 trustees with the comptroller becoming chairman. So far, seven investment firms have signed onto Cuomo's Pension Code of Conduct that bans