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Change needed at pension fund.(investigations of Alan Hevesi for not directing pension funds properly)(Viewpoint essay)
Crain's New York Business, May, 2007
Disgraced former politicians aren't very newsworthy, so press reports that former Comptroller Alan Hevesi is being investigated for allegedly directing state pension fund investments to campaign contributors didn't draw significant attention. But the issue raises a crucial question: Should the pension fund, which manages $147 billion in assets, remain under the control of one person? The answer is no.
The importance of the pension system and the need for adept stewardship is clear. The New York State Common Retirement Fund, the second-largest pension fund in the nation, pays retirement benefits for all state and most local employees in New York. Its financial performance determines how much taxpayers must contribute to keep it solvent; the figure was $6...
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