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20-540: As of 2018, it was the third largest public pension plan in the nation, and held $ 207.4 billion in assets. These assets are overseen by the New York State Comptroller 's office and are held on behalf of more than one million members of the New York State and Local Retirement Systems (NYSLRS). As of March 31, 2018, its one-year return was 11.35%, however its 10-year return was 6.4%. In 2017,

40-508: A $ 250 million pension investment in exchange for nearly $ 1 million in illegal gifts. He was sentenced to one to four years in prison. New York State Comptroller The New York state comptroller is an elected constitutional officer of the U.S. state of New York and head of the New York state government 's Department of Audit and Control. Sixty-one individuals have held the office of State Comptroller since statehood. The incumbent

60-639: A letter to McDonald's expressing concern for the welfare of the chicken used in their food products. In 2022, the New York State Comptroller's office reviewed and considered divesting from certain Russian assets in lieu of the Russian-Ukrainian conflict . In 2010, former State Comptroller Alan Hevesi , who during his time in office was responsible for administering a $ 125 billion pension fund, confessed in court to approving

80-724: A one-year term by the New York State Assembly and could not be re-elected for the following term. The Council had the power to appoint all state, county and municipal officials within the state of New York for which no other means of appointment or election was provided for in the State Constitution. The offices filled by the Council included the State Comptroller , the Secretary of State ,

100-479: Is Thomas DiNapoli , a Democrat . The state comptroller is in effect New York's chief fiscal officer. Article V, Section 1, of the New York Constitution requires the state comptroller "to audit all vouchers before payment and all official accounts", "to audit the accrual and collection of all revenues and receipts", and "to prescribe such methods of accounting as are necessary for the performance of

120-728: The Attorney General , the Surveyor General , the Chancellor , the justices of the New York Supreme Court , sheriffs, district attorneys, judges, surrogates , city and county clerks, mayors (including the Mayor of New York City ), all military officers and many others. The Council of Appointment had its origins in the fear of too much popular influence in the government. The first New York Constitution

140-615: The Federalist Party and the Democratic-Republican Party appeared, and began to alternate as majority in the Assembly. Because of the lack of clarity in the 1777 New York Constitution, the parties struggled over who, exactly, held the power to make nominations and appointments. The constitution stated that the governor would have the " casting voice , but no other vote; and with the advice and consent of

160-552: The New York State Legislature to a three-year term. Under the Constitution of 1846, the office became elective by general election, and the comptroller was elected with the other state cabinet officers in odd years to a two-year term, serving in the second year of the governor in office and the first year of the succeeding governor. The comptroller was elected in 1895 to a three-year term, and subsequently

180-721: The Council in his Federalist No. 77 . The council was abolished by the New York State Constitutional Convention of 1821 and ceased to exist at the end of the year 1822, at which time more than 15,000 offices had been under its control. Under the Constitution of 1821, the State cabinet officers and Supreme Court justices were elected by the State Legislature, and most of the county and local officers were elected in local popular or legislative elections. The governor continued to appoint only

200-428: The Council voted down all of his nominees, in his opinion, nobody could be appointed. The question was settled at the New York State Constitutional Convention of 1801, which amended the Constitution, giving the right of nomination to the governor and each one of the Council members concurrently. This led to an annual scramble for office, especially if the majority in the Assembly changed. Alexander Hamilton criticized

220-483: The foregoing duties". Furthermore, the State Constitution vests the safekeeping and protection of all state funds in the state comptroller, stating: "[t]he payment of any money of the state, or of any money under its control, or the refund of any money paid to the state, except upon audit by the comptroller, shall be void..." In accordance with this constitutional framework, the state comptroller has broad superintending authority unlike any other state auditor or treasurer in

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240-733: The fund was able to cover about 95% of the benefits it paid out. The fund paid out $ 11.45 billion in the fiscal year ending March 31, 2018. The fund is administered by the Office of the New York State Comptroller. As of 2018, the State Comptroller was Thomas P. DiNapoli . The Comptroller's office is headquartered in Albany, New York and employs more than 2,700 people with 8 regional offices and another office in New York City . In its 2018 Comprehensive Annual Financial Report (CAFR),

260-594: The fund would achieve a better and more affordable return for its investment by investing more of its assets in passively managed ETFs , to which the fund's administrator has publicly responded by stating that investments in hedge funds provide critically needed diversity. About 77% of the fund's assets are invested in public equity and fixed-income investments, with another $ 17.5 billion invested in private equities. The pension fund has made news for publicly warning companies with whom it holds investments for their private behavior. In August 2018, state comptroller DiNapoli sent

280-551: The nation to ensure that state agencies and local governments alike use taxpayer money effectively and efficiently to promote the common good. For example, the state comptroller: In 1776, the New York Provincial Congress appointed an auditor-general to settle the public accounts. After his resignation, the Council of Appointment appointed an auditor to succeed. In 1797, the office of the state comptroller

300-416: The said council..." The custom arose that the governor made the nominations, and the Council approved, or rejected, them. But when the legislature had a majority of the opposition, they would elect three or four senators and outvote the governor. Governor John Jay , who had drafted the Constitution, asserted that the Council could not propose appointees, only vote for or against the governor's nominees. So when

320-409: The state comptroller's office found that the pension fund spent $ 663.7 million on investment expenses and fees for the financial year ending March 31, 2018. Jonathan Trichter, a politician who ran for the state comptroller's office in 2018, claimed that the pension fund had historically paid out $ 6 billion in fees to hedge funds and private equity managers. Some critics of the pension fund argue that

340-582: The state officers were elected in even years and served a two-year term concurrently with the governor. In 1926, the responsibilities of the New York State Treasurer were transferred to the comptroller as the head of the Department of Audit and Control. Since 1938, the comptroller has been elected to a four-year term, like the governor. Council of Appointment The Council of Appointment (sometimes also Council of Appointments )

360-669: Was a body of the Government of New York that existed from 1777 to 1822. Under the New York Constitution of 1777, the Council of Appointment consisted of the Governor of New York , who was ex officio president of this council but had only a casting vote , and four members of the New York State Senate , one each from the state's senatorial electoral districts. These state senators were elected for

380-432: Was aristocratic and elitist in spirit. As long as the governor alone nominated appointees, he had as much power over the state's patronage as a medieval king. On the other side, during the long tenure of Governor George Clinton , very rarely an office holder was removed, and the Council only filled vacancies as they occurred by resignation, death, declination of re-appointment, or term limit. Troubles, however, arose after

400-467: Was created by the State Legislature to succeed the state auditor. The comptroller was appointed by the Council of Appointment to a one-year term, and could be re-appointed without term limit. In 1800, the Legislature reduced the salary of the comptroller from $ 3,000 to $ 2,500, and Samuel Jones declined to be re-appointed. Under the Constitution of 1821, the comptroller was elected by joint ballot of

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