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Cuomo launches audit of NY pension funds

Gov. Cuomo at Molloy College talking about his

Gov. Cuomo at Molloy College talking about his 2012-2013 budget and reform plan. (Feb. 2, 2012) Credit: Newsday/Alejandra Villa

ALBANY -- The Cuomo administration is launching a "routine" audit of the state pension funds.

The governor and a representative of Comptroller Thomas DiNapoli, who oversees the funds, say the exams are expected.

The governor revealed the study, to be conducted by the state Department of Financial Services, on The Capitol Pressroom radio show Tuesday.

The governor described the audit as a "routine" examination.

The audits are supposed to occur every five years -- after a series of reforms were put in place in 2007, DiNapoli spokeswoman Jennifer Freeman said.

The changes were approved soon after DiNapoli took over as comptroller after Comptroller Alan Hevesi pleaded guilty to abusing his position.

Hevesi was later sentenced to prison in the pension corruption scandal.

Cuomo and DiNapoli have been at odds -- not over the actual pension fund, but over the governor's push for a new less-generous Tier VI pension plan for future public employees.

The governor has said the plan, with its 401(k)-like option, is needed to save taxpayers dollars over the long term. DiNapoli has come out against the proposed changes, which are also being fought by public-sector unions.

-- Times Union

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