The two candidates in the race for state comptroller outlined their contrasting visions of the office in a debate carried Wednesday night on NY1.
Incumbent Democrat Thomas DiNapoli faced off against Republican challenger Bob Antonacci in a debate at Baruch College in Manhattan.
NY1 Political Anchor Errol Louis moderated from the school’s Mason Hall.
Louis opened the debate by asking DiNapoli what steps they would take to minimize risk and maximize return for retired state employees, as the state comptroller is the sole trustee for the state pension fund.
DiNapoli called managing the pension fund one of the comptroller’s key jobs.
“What we always try to do is focus on our asset allocation and put a priority on diversification so that in fact, we can reduce risk. In fact, we’ve incorporated risk management as a key part of our pension fund operations, actually creating a position that focuses on risk management. I think the strength of our fund has been our diversification. That’s why we were able to recover more rapidly than many other pension funds. It’s why we are recognized as among the best-funded pension funds in the country,” DiNapoli said.
Antonacci, meanwhile, said several changes needed to be made to the fund.
“Mr. DiNapoli, at this time, is moving more of the funds to hedge funds, which are certainly more riskier and more costly. In fact, under Mr. DiNapoli’s watch, investment fees have gone up more than $ 400 million,” Antonacci said. “And also, we’re not honest about the discount rate that the pension fund is using. If we had a more conservative discount rate, and again, as a CPA, we’re taught about conservatism, we would actually have a bigger problem than we really do, but that doesn’t sell well in a campaign year. So we have an overly high discount rate. It’s too rosy, and we have to make some fundamental changes to the pension fund, including talking about a defined contribution plan.
Later this month, NY1 will host the only live televised debate between Staten Island Congressman Michael Grimm and his Democratic challenger, Domenic Recchia.
The debate was the first of several that NY1 will feature in the lead-up to Election Day.
Later this month, NY1 will host the only live televised debate between Staten Island Rep. Michael Grimm and his Democratic challenger, Domenic Recchia.
The hour-long matchup will take place on October 28 at The College of Staten Island.
On October 30, NY1 will air a debate between New York State Attorney General Eric Schneiderman and his Republican challenger, John Cahill.
The two will go head to head at Hilbert College outside Buffalo.
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