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More than a million fire fighters, police and other New York State employees who are relying on the already perilously funded New York State Common Retirement Fund as a key component of their nest eggs face a new threat. It comes from a surprising foe: New York’s most liberal legislators.
Senator Liz Kreuger, who represents Manhattan’s East Side, has introduced legislation that would force the fund’s sole trustee and fiduciary, Comptroller Thomas DiNapoli, to quickly sell all holdings in fossil fuel companies, no matter the financial impact it will have on return or risk.
Kreuger and her allies, who have introduced a companion bill in the Assembly, are doing so even over strong objections from DiNapoli and his respected investment team in the Comptroller’s office, who are required by law to act only in the financial best interest of the fund’s beneficiaries, state employees.