Contact: Brian Renna (315) 420-0039

FOR IMMEDIATE RELEASE

Bob Antonacci's Five-Point Pension Reform Plan

The State Comptroller has a Fiduciary Duty to Keep Pension Costs Low 

SYRACUSE, NY - Today, Republican State Comptroller candidate Bob Antonacci released his new five-point plan to restore and sustain the viability of the New York State pension fund system.
 
"One of the chief responsibilities of the State Comptroller is to manage the Employees Retirement System (ERS), the Police and Firemen's Retirement System (PFRS), and investments for the Common Retirement Fund (CRF)," said Antonacci.

"As the sole trustee of the Common Retirement Fund, the State Comptroller has a fiduciary duty to keep the cost of the pension systems as low as possible, and to invest the pension funds in such a way as to maximize the income benefit for all New York taxpayers."

Public employee pensions constitute one of the heaviest burdens to state and local taxpayers. In 2014 the average annual contribution rates for the ERS and PFRS were approximately 21% and 29% respectively - more than doubling over the last four years.

This dramatic increase has directly resulted in higher property tax rates across the state, which have ballooned over that same four year period to an all time high of 19.19%.

"As of 2013, the New York State pension systems were $20 billion underfunded. That's $20 billion worth of new tax increases that will inevitably be passed on to current and future generations," continued Antonacci.

Bob's five-point plan for maintaining and sustaining the long-term viability of New York State's pension funds includes:
  • Appointing qualified people to manage all operations.
  • Bringing a renewed focus towards reducing the cost of pensions for both state and local governments. All possible pension alternatives will be considered, including a defined contribution plan. Such alternatives are deemed both vital and necessary towards reducing this state's oppressive tax burden.
  • Imposing ERISA-like restrictions on the use of all CRF investment shares for corporate proxy proposals, and propose legislation inviting those same restrictions for all New York City and State pension fund investments. This will serve to maximize returns for the benefit of all New York State taxpayers.
  • Conducting a thorough evaluation of all advisory and consulting service contracts in order to make sure they are cost beneficial to the pension systems, as well as the CRF investment results.
  • Reducing operational costs at the Office of State Comptroller, especially with regard to overtime and other administrative expenses.
"Tom DiNapoli is a career politician and a creature of Albany with no previous investment management experience. As a matter of fact, he had to outsource his primary job responsibilities to an outside investment banking firm," said Antonacci.

"I am a certified public accountant and an attorney, and I will not be held subject to any special constituency other than the hard-working taxpayers of New York State."

Bob Antonacci is the two-time elected Comptroller of Onondaga County, which has the highest credit rating in New York State.


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