Where did you begin your public service? And why did you get involved?
I won my first election when I was 18. I served on my local school board, becoming the first 18-year-old in New York to hold public office. My friends and I wanted to be at the table and have a say in the decisions that were being made. I was going to college locally, so I ran, knocked on a lot of doors and won. It was the start of my journey in public service.
What first attracted you to wanting to become the state’s chief fiduciary officer?
The State Comptroller’s office oversees so many big issues for the state and the people of New York. The challenge of wearing many hats and being the state’s watchdog, accountant, fiduciary of the pension fund, manager of the retirement system and so much more appealed to me. As an Assemblymember, I had worked with the office and had great respect for the staff and the office’s mission. I jumped at the chance to lead it, and it is hands down the best job in Albany. I’ve worked hard and always remembered that I’m doing this for everyday New Yorkers who need a say in government. There’sso much more to do, and I’m just as energized about being State Comptroller as I was day one.
What is the biggest challenge of your job?
Managing the state’s nearly $300 billion state pension fund is a big job. I have 1.2 million people who depend on it, and it’s personal to me to make sure that it is managed well and grows. I have navigated the state pension fund through the Great Recession, when our value sharply dropped, through the challenges of COVID and now great economic uncertainty around the world. I am proud that the state pension fund has doubled in size since I became State Comptroller. I’ve also expanded the programs to invest in New York-based companies, and affordable and workforce housing, as well as helpinglocal, small businesses secure loans and expand.
We also go after corporations that we invest in that allow employees to be sexually assaulted and harassed, that pay their executives massive pay packages, that use AI as an excuse to layoff workers, and that pollute our environment. AI and how corporations are using it and how it impacts the workforce is a big issue for us.
At a $290 billion total value, the New York State and Local Employees Pension fund is one of the largest in the world. How does that benefit New York’s taxpayers?
We pay out nearly $17 billion annually in benefits and about 79 percent of our retirees stay in New York. Our state retirees make huge contributions to their local economies and keep many of our rural areas vibrant and strong.
Our readers want to know one thing from the man that manages $290 billion: What’s the next great investment opportunity?
As the State Comptroller, I am not a day trader but one of the most important things that you can do is diversify to protect your investments. The state pension fund has a diverse portfolio heavily weighted towards stocks and bonds and a wide range of industries. Don’t put your eggs all in one basket.
In addition to being the state’s chief financial officer, you are also an employer with a unionized workforce. How do you view the relationship between you and the union staff that work for you?
Our office has 2,800 employees. Much of our staff is represented by PEF. They worked hard to advance their careers, and we could not get our work done without them. I personally meet with our PEF labor representatives regularly and we discuss in detail the issues that we need to address to help our workforce succeed and grow professionally. I am a big supporter of unions, grew up in a union household and I make sure that my office is leading by example.
It seems like there are always controversies about certain investment holdings in the state retirement fund – fossil fuels, firearms manufacturers, artificial intelligence developers – to name a few. What is your investment strategy? How does it work? And how do you leverage your role and your position as an investor in addressing concerns like questionable business practices, excessive executive compensation packages, and problematic environmental concerns with individual companies?
Investment decisions are guided by fiduciary duty, not politics or the latest controversy. Divestment is always a last resort for our fund. We are investors and want to make money. My foremost responsibility is to the men and women who are part of the pension system and are promised a measure of retirement security from it. But we do try to change corporate behavior.
Here is an example. We urged investors in Tesla to reject Elon Musk’s bloated trillion-dollar pay package and vote against directors that were up for reelection. The pay proposal handed him another massive fortune while severely watering down the holdings of every other shareholder. Musk has proven to be distracted by his many outside ventures, and it’s unclear how many more billions of dollars will change that.
If you could have one “do over,” what would it be? And it does not need to be investment related!
We all have many do-overs, but sometimes the best things happen when you don’t plan them. We grow from taking chances and making mistakes. I’d tell my younger self to travel more. See the world and experience different cultures and don’t assume you’ll have time someday.
Editor’s note: DiNapoli is endorsed by PEF in the June 23, 2026, primary election for Comptroller.