Hayes calls for full public database of all public investment

State Assemblyman Jim Hayes, R-Amherst, described pension reforms announced by Comptroller Thomas DiNapoli as a "first, tentative step" at protecting public pension funds from the abuses that are being alleged under former Comptroller Alan J. Hevesi.

He said the reforms should be extended by statute, not only to the Common Retirement Fund, but also to all public employee pension funds in New York State.

"New York taxpayers and public employees deserve to have full and open disclosure of all pension fund investments and management contracts," said Hayes.

"There should be a standard reporting mechanism that shows the investment vehicles, contracts, placement agents, and officers and senior employees dealing with all pension funds, including the New York State and Local Retirement System, Common Retirement Fund (and) the State Teachers' Retirement Fund," he said, adding that these funds have approximately $300 billion in assets.

"It is a sad day when the reputation of the state comptroller's office has sunk so low that the governor and the comptroller are forced to bring in a state treasurer from Massachusetts to oversee the reform task force," Hayes said. "It is a tacit admission that they do not have the public credibility to manage the reform effort."

Hayes is the ranking member of the Assembly Ways and Means Committee.