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Legislature urges probe of state pension fund
Updated: August 21, 2010, 6:31 AM
LOCKPORT—The Niagara County Legislature passed a resolution Tuesday urging State Attorney General Andrew M. Cuomo to investigate State Comptroller Thomas P. DiNapoli’s management of the public employees’ pension fund.
Niagara County’s mandated contributions to the pension fund will rise from $4.8 million to $8.5 million this year.
Legislator John D. Ceretto, R-Lewiston, said that the fund’s investment earnings rose 26 percent last year and that such large increases in county costs shouldn’t be necessary. “It really smells fishy,” said Ceretto, who is running for the Assembly.
“If anything’s fishy, it’s this resolution,” said Minority Leader Dennis F. Virtuoso, D-Niagara Falls, who voted against the request with the other three Democrats. “The fund declined the year before, then it went up 26 percent. They’re not back to where they were before, just like my 401(k) isn’t back to where it was.”
“Next year we expect [the county’s contribution] to go to $10 million,” said Majority Leader Richard E. Updegrove, R-Lockport. He said it’s especially unjustified because the county has cut its work force by 16 percent in the past four years.
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