SUFFOLK AME URGES WORKING MEN AND WOMEN TO PROTECT THE AUTONOMY OF THE NEW YORK STATE COMPTROLLER FROM GOVERNMENT OVERREACH AND POLITICALLY-MOTIVATED DIVESTMENT MOVEMENTS

A forward-looking report commissioned last year by the Suffolk County Association of Municipal Employees (Suffolk AME), revealed that a bill making its way through the New York State Legislature, would force State Comptroller Thomas DiNapoli to fully divest as much as $13 billion in pension assets from the State Pension Fund, within five years, and would result in a shortfall of $28.6 billion over 30 years, requiring as much as $33.4 billion in additional contributions to make up for it.

That would mean slashing pension benefits or massive cuts to vital government services or large tax hikes to make up for the shortfalls.

The report, "The Cost of Divestment" also analyzed the local impact on Suffolk County. In Suffolk County, the cost of divesting $13 billion in pension assets would amount to an annual 2.69% cut to Suffolk County Budget areas across the board. That would mean cutting $19.45 million from public safety, $4.06 million from education, and $2.28 million from transportation.

“Well before the unprecedented financial crisis caused by the COVID-19 pandemic engulfed our state, Suffolk AME explored ways to protect the New York State Pension Fund and New York taxpayers from politically driven efforts to diminish the autonomy of the Chief Financial Officer of the State of New York, Comptroller Thomas DiNapoli," said Suffolk AME President Daniel C. Levler. "Our findings from last year's report were a loud wake up call to New York’s taxpayers, which includes the men and women who perform the essential government services that New Yorkers rely upon every day.This is not about casting judgment on the oil industry or refuting the existence of climate change. This is simply about allowing Comptroller DiNapoli to do what is in the best interests of pensioners and taxpayers in his fiduciary capacity."

Comptroller DiNapoli has recently indicated that the economic challenges and uncertainty caused by the COVID-19 pandemic, threatens the funding of essential services and the solvency of our pension fund. We urge our fellow New Yorkers to sign our petition today and together, let's keep politics out of our pensions!