ALBANY, NY — Joseph Hernandez, Republican candidate for New York State Comptroller, today called for sweeping transparency and accountability reforms in the management of New York’s nearly $300 billion pension fund, warning that political considerations are increasingly influencing how billions in retiree assets are allocated.
Public disclosures from the Comptroller’s office show that approximately $155 billion of the fund is externally managed, with roughly $34 billion directed to DEI investments. Hernandez raised serious concerns that these allocations are being made without clear public reporting on performance, fees, or risk-adjusted returns.
“Every dollar in this fund belongs to a firefighter, a police officer, a public servant, and people who worked their entire lives for retirement security,” said Hernandez. “This is not just capital that bureaucrats, like Comptroller Tom DiNapoli, in Albany can move around, it’s people’s livelihoods. And it must be managed with one goal in mind: delivering the strongest possible returns for the people who earned it.”
Hernandez emphasized that the role of the State Comptroller is fiduciary and not political, concerned whether New Yorkers are being left in the dark on if these investments are actually delivering results.
“Right now, there is no clear, transparent reporting showing whether these DEI investments outperform, underperform, or even match comparable managers after fees,” Hernandez said. “Maybe they do better. Maybe they don’t. But the fact that we don’t know is the problem. That lack of transparency would be unacceptable in the private sector, and it should be unacceptable in government.”
Drawing on his experience building companies and managing investments, Hernandez said the pension fund should be governed by the same principles that drive successful private sector investing.
“As someone who has raised capital, just achieved my sixth IPO, and delivered for investors, I understand what it takes to generate real returns,” Hernandez said. “New Yorkers deserve that same level of professionalism and accountability from their Comptroller.”
Hernandez pledges to restore merit-based investing and full transparency to the pension fund, ensuring that every investment decision is made solely in the best financial interest of retirees.
“Fiduciary duty is not optional but is the law,” Hernandez said. “As Comptroller, I will make sure every dollar in this fund is working for the people who earned it. No politics, no preferences, just merit-based results.”