{"id":249600,"date":"2020-05-08T23:31:22","date_gmt":"2020-05-08T23:31:22","guid":{"rendered":"https:\/\/www.nyspffa.org\/main\/?p=249600"},"modified":"2020-05-08T23:33:49","modified_gmt":"2020-05-08T23:33:49","slug":"nys-comptroller-thomas-p-dinapoli-setting-the-record-straight-the-state-pension-fund-is-safe-and-secure","status":"publish","type":"post","link":"https:\/\/www.nyspffa.org\/main\/nyspffa_news\/nys-comptroller-thomas-p-dinapoli-setting-the-record-straight-the-state-pension-fund-is-safe-and-secure\/","title":{"rendered":"NYS Comptroller Thomas P. DiNapoli &#8211; Setting the Record Straight:  The State Pension Fund is Safe and Secure"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-249601\" src=\"https:\/\/www.nyspffa.org\/main\/wp-content\/uploads\/2020\/05\/din.png\" alt=\"\" width=\"749\" height=\"138\" srcset=\"https:\/\/www.nyspffa.org\/main\/wp-content\/uploads\/2020\/05\/din.png 749w, https:\/\/www.nyspffa.org\/main\/wp-content\/uploads\/2020\/05\/din-480x89.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 749px, 100vw\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Let me get straight to the point. The New York State Pension Fund is safe and secure.<\/p>\n<p>I don\u2019t know how to make this any more clear\u2014there has been no raid or money taken from the Fund. The retirement security of members, retirees and beneficiaries is not compromised. And your pension fund cannot be used for budget relief by the Governor or the State Legislature. As Trustee, I would never let that happen.<\/p>\n<p>Despite this reality, rumors are circulating about the Fund, and I want to put an end to that misinformation right now. I think the confusion began last month, when we announced a $50 million investment in a program that has been making money for the Fund since 1987. The program is part of a longstanding relationship with Pursuit Lending and is low-risk, with a return similar to a fixed income investment, and guaranteed by the U.S. Small Business Administration. It is a win-win investment because it benefits the Fund and also helps some New York small businesses struggling to survive the economic fallout from the COVID-19 crisis. That\u2019s it.<\/p>\n<p>The misinformation you may be hearing stems from the fact that many people may not fully understand how the Fund works and how we pay for your benefits. We invest the Fund to ensure we have the dollars required to pay out over $1 billion a month to our retirees and beneficiaries. Over the past two decades, investment returns alone have paid for over 70% of pension benefits.<\/p>\n<p>So, that\u2019s the story. The Fund is secure. There\u2019s no raid. Anything you hear to the contrary is false.<\/p>\n<p>The New York State pension plan is recognized as one of the best-funded plans in the nation. You have my assurance, as Trustee of the Fund, that I am here only to continue to safeguard the Fund and to provide you a secure retirement. That\u2019s what I\u2019ve always done. That\u2019s what I\u2019ll always do.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; &nbsp; Let me get straight to the point. The New York State Pension Fund is safe and secure. I don\u2019t know how to make this any more clear\u2014there has been no raid or money taken from the Fund. The retirement security of members, retirees and beneficiaries is not compromised. And your pension fund [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[10],"tags":[],"class_list":["post-249600","post","type-post","status-publish","format-standard","hentry","category-nyspffa_news"],"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2MTL9-12VO","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/posts\/249600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/comments?post=249600"}],"version-history":[{"count":4,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/posts\/249600\/revisions"}],"predecessor-version":[{"id":249605,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/posts\/249600\/revisions\/249605"}],"wp:attachment":[{"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/media?parent=249600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/categories?post=249600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nyspffa.org\/main\/wp-json\/wp\/v2\/tags?post=249600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}