ALBANY – The man who could soon be in charge of the state’s $145 billion pension fund has a lot to learn about managing money – he has little in the way of personal investments and doesn’t do his own taxes.
“I get them done,” said 20-year Assemblyman Thomas DiNapoli, laughing.
A review of the Long Island Democrat’s financial-disclosure forms shows he has five stocks, an IRA and a mutual fund – each worth under $5,000.
Before seeking elective office, DiNapoli served in various management positions. In his last job, he was responsible for an office of more than 100 employees at AT&T.
He received a bachelor’s degree in history from Hofstra University and a graduate degree in human-resources management from the New School University.
As a lawmaker, he said he’s worked on state budget, local government and reform issues. And he argued that he worked with the Comptroller’s Office to help craft and enact a plan to bail Nassau County out of its fiscal crisis.
Critics charge he does not have the financial background to serve as the sole trustee of the state pension fund, but experts say that’s not a prerequisite.
“The investment strategy of the pension fund is steered by professionals hired by the comptrollers,” said E.J. McMahon of the Manhattan Institute