NYS Office of the Comptroller DiNapoli: Independent Review Finds State Pension Fund Operates at Highest Ethical and Professional Standards

 

An independent fiduciary and conflict of interest review of the $291.4 billion New York State Common Retirement Fund (Fund) recognized the Fund for its exemplary investment oversight, risk management, and ethical governance. Released today by State Comptroller Thomas P. DiNapoli, the review concluded the Fund operates with the highest ethical standards, is in full compliance with fiduciary and statutory requirements, and acts for the sole benefit of its more than 1.2 million participants. The review was conducted by Weaver and Tidwell LLP (Weaver).

“During my tenure, the New York State Common Retirement Fund has established itself as one of the nation’s top public pension funds in performance, transparency, ethics, and public accountability. I’m proud of the results-driven, disciplined work my team accomplishes year-in and year-out,” DiNapoli said. “This report confirms that we are meeting and exceeding standards and safeguarding the pension’s assets on behalf of over 1.2 million members, retirees, and beneficiaries. I thank the staff at Weaver for their thoughtful and thorough review.”

This review, required by state regulations, is part of the reforms that DiNapoli fought for when he became State Comptroller to provide the public with a clear, independent assessment of how the Fund is being managed and where improvements could be made.

Weaver’s review found:

• The Fund operates under a strong governance framework with a rigorous system of internal controls, and maintains a high level of operational transparency.
• The Comptroller manages the Fund with the highest ethical, professional, and conflict of interest standards, and acts for the sole benefit of the retirement system’s members and beneficiaries.
• The Fund has a great deal of focus on the fees applied to each individual deal and whether the proposed fees fall within prevailing market norms.
• The Fund demonstrates a strategic asset allocation between public and private markets that closely aligns with its peer group.
• Fund staff are knowledgeable and dedicated and manage the Fund in the most efficient and effective manner possible.

Weaver also highlighted that the Fund’s high-funded status and conservative assumed rate of return puts it in a stronger financial position to meet long-term obligations than its peers, and is able to weather market volatility. The funded status of the Fund is currently 92.2%, as of March 31, 2025. It is one of the highest funded rates among public pension funds in the United States, and assures that it has assets on hand to meet its obligations. The Fund’s assumed rate of return is 5.9%, the second lowest in the country. A lower target reduces risk and increases the likelihood that investments will succeed in meeting expectations.

The review examined documents for all investment transactions requiring DiNapoli’s approval during the review period of April 1, 2021 through March 31, 2024. The firm found that every transaction was approved and closed in compliance with the Fund’s policies and legal requirements.

Weaver also commended the Fund’s operations and made five recommendations for the CRF to consider as it continues to enhance processes, increase efficiencies and build additional operational resilience with technology and operational structure changes. These recommendations have been addressed or are in process.

The independent review is mandated every three years as part of the regulatory framework established by the Department of Financial Services and the State Comptroller’s office in 2008. This is the fifth completed review.

Since taking office, DiNapoli has instituted a number of reforms, in addition to requiring this independent review. The reforms strengthen the Fund’s performance, transparency, and adherence to strict ethical standards and include a ban on placement agents to eliminate the potential for abuse; a comprehensive Code of Conduct that outlines standards for employees, managers, consultants, and advisory committees; and a ban on pay-to-play practices by prohibiting the Fund from doing business with any investment adviser who had made a political contribution to the State Comptroller or a candidate for State Comptroller within the prior two years.

The New York State Common Retirement Fund is one of the largest public pension funds in the United States and has consistently been ranked as one of the best managed and best funded plans in the nation.

The Fund holds and invests the assets of the New York State and Local Retirement System (NYSLRS) on behalf of more than 1.2 million state and local government employees and retirees and their beneficiaries. There are nearly 3,000 participating employers in the system, and more than 300 different retirement plan combinations. In the state fiscal year ended March 31, 2025, NYSLRS paid out nearly $16.8 billion in benefits.

Report

New York State Common Retirement Fund: Fiduciary and Conflict of Interest Review 

Prior Reviews

2022 Report

2019 Report

2016 Report

2013 Report

Housing Lottery Launches for The Danby at 170 West 225th Street in Marble Hill, Manhattan

 

The affordable housing lottery has launched for The Danby, a seven-story residential building at 170 West 225th Street in Marble Hill, Manhattan. Designed by Marin Architects and developed by Timber Equities, the structure yields 115 residences. Available on NYC Housing Connect are 35 units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $114,652 to $227,500. 

At 130 percent of the AMI, there are 30 one-bedrooms with a monthly rent of $3,180 for incomes ranging from $114,652 to $189,540, and five two-bedrooms with a monthly rent of $3,330 for incomes ranging from $121,715 to $227,500.

Prospective renters must meet income and household size requirements to apply for these apartments. Applications must be postmarked or submitted online no later than March 16, 2026.

Secretary Noem Announces Additional $116 Million for North Carolina

 

Funds go towards disaster recovery and prevention of future damage, adding to the $1 billion already awarded to the state

The United States Secretary of Homeland Security Kristi Noem announced more than $116 million in federal funding to support the state of North Carolina’s recovery from Tropical Storm Helene and help prevent future disaster damage across the state.

Of the approved funds, more than $72 million will go to rebuilding or restoring critical infrastructure, clearing debris from public roads, and repairing roads and bridges damaged by Helene. An additional $44.6 million will support hazard mitigation investments that are moving forward to protect communities from future flooding and severe weather.

“This investment will repair and restore critical public infrastructure across North Carolina, including schools, public safety facilities, utilities, and community services,” said Secretary Noem. “North Carolina communities are rebuilding stronger, and today’s approvals show this Administration’s commitment to cutting red tape and getting recovery dollars out the door faster. I want to thank Congresswoman Virginia Foxx, Senator Ted Budd, Congressman Chuck Edwards, Congressman David Rouzer, and Chairman Michael Whatley for their strong advocacy on behalf of North Carolinians.” 

Here are some of the notable FEMA Public Assistance grants obligated to the state and communities:

• $34.7 million to North Carolina Department of Transportation for road and bridge repairs across more than 300 sites in Alleghany, Ashe, Avery, Buncombe, Caldwell, Henderson, Mitchell, Surry, and Watauga counties.
• $17.6 million to Rutherford County for the removal of nearly 700,000 cubic yards of debris and 75,000 trees and limbs from public rights of way, and the operation of four debris reduction sites.
• $10.5 million to Asheville for potable water distribution, the repair or replacement of more than 100 fleet vehicles, DeBruhl Water Treatment Plant repairs, and road repairs.
• $3.7 million to Beech Mountain for repairs to the town’s sewer system and wastewater treatment plant.  

Hazard Mitigation Grant Program investments moving forward include projects to:

• Acquire flood-prone properties in Buncombe County (approximately $14.2 million).
• Acquire flood-prone properties in Henderson County (approximately $9.2 million).
• Elevate 14 homes in Beaufort County (approximately $2.5 million).

These mitigation projects are advancing through the final Congressional notification process and will be formally announced as final award actions are completed.

Prior to this announcement, more than $1 billion was provided to North Carolina for recovery efforts. FEMA has also paid more than $549 million in grants to survivors to directly help families recover. 

Dun & Bradstreet to Pay $5.7M to Resolve Alleged Violations of Federal Trade Commission Order

 

The Justice Department, acting on referral from the Federal Trade Commission (FTC), announced that a federal court has entered a stipulated order resolving a case against Dun & Bradstreet Inc., doing business as D&B. Under the court’s order, Dun & Bradstreet will pay a $2,063,000 civil penalty and $2,785,786 in customer refunds, in addition to $924,590 of refunds it has already issued, to resolve allegations that it violated an FTC order.

The FTC entered an administrative order against Dun & Bradstreet in 2022 based on alleged unfair or deceptive business practices prohibited by the FTC Act. According to a complaint filed in the Middle District of Florida, Dun & Bradstreet violated provisions of that order requiring it to (1) accurately notify customers of the automatic renewal prices of its products; (2) not misrepresent its products; and (3) create and maintain records of its compliance with the order. The complaint alleges that in connection with its sale of credit-related services to small businesses, Dun & Bradstreet sent many of its customers inaccurate pricing notices, omitted or misrepresented certain facts about its products during sales calls, and failed to retain all of the call recordings required by the order.

“The Justice Department is committed to ensuring that American small businesses receive accurate information about the products and services they purchase,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “The Department will continue to work with the FTC to enforce its orders and hold violators accountable.”

“Our signed orders are not suggestions,” said Director Christopher Mufarrige of the FTC’s Bureau of Consumer Protection. “This settlement is another example of the Bureau’s effort to reinvigorate its fraud program and protect small businesses from deceptive and unlawful conduct.”

The United States is represented in this action by Senior Trial Attorney Sarah Williams and Assistant Director Zachary A. Dietert from the Enforcement Section of the Civil Division’s Enforcement and Affirmative Litigation Branch. Assistant U.S. Attorney Lacy R. Harwell, Jr. for the Middle District of Florida provided assistance. Christopher J. Erickson and Taylor H. Bates represent the FTC.

For more information about the Enforcement Section of the Civil Division’s Enforcement and Affirmative Litigation Branch, visit www.justice.gov/civil/enforcement-affirmative-litigation-branch.

Attorney General James Announces Conviction and Sentencing of Suffolk County Transportation Company Owner for Stealing Over $1 Million from Medicaid

James Bessell, Sr., Owner of Jim Jim Rentals, Will Serve Prison Sentence and Pay $1.5 Million in Restitution

New York Attorney General Letitia James announced the conviction and sentencing of James Bessell, Sr., 65, of Shirley, New York for stealing more than $1 million from New York’s Medicaid program by taking advantage of vulnerable New Yorkers through fake billing and kickback schemes. As the owner and operator of the transportation company Jim Jim Rentals, Inc., (Jim Jim Rentals) Bessell was paid by Medicaid for coordinating the transportation of Medicaid recipients to and from their medical appointments. An investigation by the Office of the Attorney General’s (OAG) Medicaid Fraud Control Unit (MFCU) revealed that Bessell submitted fake claims to Medicaid that included recipients who were revealed to be deceased, incarcerated, or hospitalized. Bessell was convicted of Grand Larceny in the First Degree, sentenced to one and a half to four and a half years in state prison, and paid $1.5 million in restitution.

“Exploiting the Medicaid program for personal profit jeopardizes the health care of vulnerable New Yorkers,” said Attorney General James. “Jim Bessell’s fraudulent schemes were illegal and diverted critical resources away from Medicaid. My office will continue to stop fraud in our health care system to ensure every New Yorker can get the quality care they deserve.”

Medicaid reimburses authorized businesses for transporting Medicaid patients to and from covered medical services. Bessell, as owner and operator of Jim Jim Rentals, provided transportation services for Medicaid recipients and submitted claims to Medicaid for payment. The OAG’s investigation revealed that from March 2019 through August 2023, Bessell submitted fabricated claims to Medicaid for transportation services that did not occur, involving Medicaid recipients who were deceased, incarcerated, hospitalized, or did not receive any medical service on the date in question.

Bessell accomplished this in part through a complex pyramid-style system of kickback payments to Medicaid recipients. He would pay certain recipients to not attend their scheduled medical appointments, including appointments for substance abuse treatment, but still bill Medicaid as if the trips had occurred. Additionally, Bessell used a financial incentive structure to encourage the recipients he was already paying to recruit additional recipients to participate in the scheme. Based on these fake claims, Bessell fraudulently received over $1 million in payments from Medicaid.

On September 30, 2025, in Suffolk County Court, Bessell and his transportation company, Jim Jim Rentals, each pleaded guilty to Grand Larceny in the First Degree, a class B felony. On January 8, 2026, Bessell was sentenced to one and a half to four and a half years in state prison and paid $1.5 million in restitution to the New York Medicaid program. Jim Jim Rentals was sentenced to a Conditional Discharge. As a result of their convictions, Bessell and Jim Jim Rentals will also be barred from being providers in all government-funded health programs, including Medicaid and Medicare.

The OAG thanks the New York State Department of Health and the Office of the Medicaid Inspector General for their assistance and cooperation in this 

Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.

New York MFCU’s total funding for federal fiscal year (FY) 2026 is $70,793,651. Of that total, 75 percent, or $53,095,240, is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $17,698,411 for FY 2026, is funded by New York State. 

3rd Annual Day of Service in Honor of Dr. Martin Luther King, Jr.–1-19-26

 

JOIN the VAN NEST NEIGHBORHOOD ALLIANCE

ON MONDAY, JANUARY 19, 2026 FOR A DAY OF SERVICE

TO HONOR MARTIN LUTHER KING, JR. DAY!

IF YOUR TEEN NEEDS COMMUNITY HOURS, JANUARY 19, IS THE DAY TO JOIN US!

HOPE TO SEE YOU THERE.

Van Nest Neighborhood Alliance

www.facebook.com/VanNestNeighborhoodAlliance

KRVC - NEW EXHIBITION ALERT - A Baker’s Dozen

 

NEW EXHIBITION ALERT - A Baker’s Dozen 

We are thrilled to invite you to Gallery 505 for the opening reception of “A Baker’s Dozen,” a compelling solo exhibition by renowned photographer Arnie Adler.

This curated collection features 13 powerful images spanning Adler’s 40-year career. From photographs taken when he was just 20 years old to recent work from his "1000 Faces of Riverdale" project, the exhibit showcases his signature style: a sense of honesty, curiosity, and a natural, unforced approach to his subjects.

Meet the Artist: Arnie Adler’s journey is as fascinating as his work. The first staff photographer for the New York office of Crain Communications, Adler has captured everyone from Fortune 500 executives to cultural icons like Jerry Garcia and Bette Midler. Interestingly, when the pandemic paused his commercial work, he turned to sourdough baking—now, five years later, he divides his time between photography, teaching, and his sourdough business.

OPENING RECEPTION

 Thursday, January 22, 2026 

 7:00 PM – 9:00 PM 

 KRVC | Gallery 505 | 505 West 236th Street, Bronx, NY 10463  

Enjoy light refreshments while exploring the collection.

EXHIBITION DETAILS

Run Dates: January 22nd – March 6th

Gallery Hours: Mondays from 4:00 PM – 6:00 PM

Private Viewings: Available by appointment. Please contact Arts Program Director Nina Velazquez at Ninaartkrvc@gmail.com.

This program is proudly supported by KRVC and public funds from the New York City Department of Cultural Affairs in partnership with the City Council.

Come experience a lifetime of photography through the lens of a local. We look forward to seeing you there! 

Bronx Borough President Vanessa L. Gibson - JOIN US: Martin Luther King Community Interfaith Celebration

CLICK HERE TO RSVP