US - New York State comptroller Thomas P. DiNapoli has fully accepted the recommendations of the Pension Task Force relating to reforms of the New York State Common Retirement Fund (CRF).
Although DiNapoli had already implemented many reforms of the CRF in advance of the report, the task force made several more recommendations, linked mainly to reporting and transparency.
DiNapoli said: "We've already implemented a number of reforms designed to address the transgressions of the previous administration. We're already providing as much and in many cases more public disclosure and transparency about our transactions as any other public pension fund in the nation."
DiNapoli's predecessor, Alan Hevesi, resigned two years ago after admitting he used state employees to chauffer his wife.
DiNapoli added the report not only "affirms the reforms we've already made" but provided the fund with a road map of transparency and ethics in the management of the CRF.
The proposed reforms included: quarterly reporting of CRF's investment results; making permanent DiNapoli's placement agent and intermediary disclosure policy to ensure transparency in future administrations; expanding and strengthening the external advisory committees; the appointment of a CRF compliance officer with independent reporting powers and a review and evaluation of all existing consultant relationships.
Task Force chair Shannon O'Brien, the former treasurer of Massachusetts, added: "The CRF is already operating under best practice policies and is one of the most transparent public pensions in the nation. And Comptroller DiNapoli has committed to pushing forward with even more reforms.
"It's rare that an elected official would so willingly open up his agency to the kind of scrutiny the Task Force pursued. But the Comptroller not only welcomed that scrutiny, he invited it. And he's already agreed to implement the Task Force recommendations."
In addition, all transactions approved by DiNapoli since he took office in February 2007 will be subject to a compliance review by consultants Mercer.
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