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DiNapoli Under Fire for $291B Fund Mismanagement

12/22/2025

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Summary

Story summary

State Comptroller Tom DiNapoli faces criticism for allegedly mismanaging New York's $291 billion retirement fund.
Drew Warshaw, challenger, argues DiNapoli's strategy raised investment fees by 400% and outpaced returns.
Warshaw says shifting to lower-cost index funds could have saved $59.1 billion over DiNapoli's tenure.
DiNapoli's team defends his approach, saying it adapts to new asset classes.
DiNapoli is preparing for a contested primary against Warshaw and GOP contender Joseph Hernandez.

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Story summary

State Comptroller Tom DiNapoli faces criticism for allegedly mismanaging New York's $291 billion retirement fund.
Drew Warshaw, challenger, argues DiNapoli's strategy raised investment fees by 400% and outpaced returns.
Warshaw says shifting to lower-cost index funds could have saved $59.1 billion over DiNapoli's tenure.
DiNapoli's team defends his approach, saying it adapts to new asset classes.
DiNapoli is preparing for a contested primary against Warshaw and GOP contender Joseph Hernandez.