2023 Year in Review: Navigating Change — Preparing for the Future | Office of the New York State Comptroller

2023 Year in Review: Navigating Change — Preparing for the Future

Keeping New York's

Pension fund Strong

The Fund's long-term, diversified investment strategy helped it remain strong in the face of ongoing market volatility in 2023. Despite these uncertain conditions, the estimated value of the Fund for the three-month period ending September 30, 2023 was $246.3 billion—providing security for the 1.2 million members, retirees and beneficiaries of the New York State and Local Retirement System (NYSLRS).

The NYS Pension Fund is one of the best-funded in the U.S. with a funding ratio of


Learn more about the New York State Common Retirement Fund
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Corporate Governance: Doing Well by Doing Good

Israel Bonds Luncheon in Manhattan

As trustee of the NYS Common Retirement Fund, Comptroller DiNapoli addresses key environmental, social and governance (ESG) factors that impact the financial performance of the companies in which the Fund invests. In 2023, the Comptroller initiated numerous activities to communicate about these priority issues with corporations, including:

  • Direct communication with corporations through letters and meetings
  • Shareholder proposals asking corporate boards to address specific issues
  • Voting on boards of directors at annual investors' meetings

Learn more about the Pension Fund's Corporate Governance Program

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In market value of the Fund's private equity portfolio including investments in 565 New York businesses

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Strengthening Corporate Accountability

Comptroller DiNapoli speaking at Goldman Sachs' 10,000 Small Businesses Summit

Companies who take steps to be responsible corporate citizens help their bottom lines—and are more likely to be profitable, sustainable investments for the Pension Fund. Comptroller DiNapoli’s corporate accountability agenda encourages companies to do well by doing good.

  • Secured agreements from Zillow, Warner Bros., Paramount, Match Group, Zoom & Penn Entertainment to publicly disclose political spending
  • Voted against all board directors at Norfolk Southern Corporation for their failure to appropriately manage the risks resulting from the East Palestine train derailment
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Investing in New York Companies

Comptroller DiNapoli touring the Dassai Blue Sake Brewery in Hyde Park

The State Pension Fund continued its track record of supporting New York State businesses by committing another $110 million in investments in 2023, for a total of $2.6 billion.

Through the In-State Investment Program, the Pension Fund invests in private equity funds that target technology-based startups and established businesses in the State seeking expansion capital, spurring private sector investments and jobs across the State.

As of June 30, 2023, the Fund's private equity portfolio included investments in 565 New York businesses with a market value of $2.9 billion.

Under Comptroller DiNapoli’s leadership, the Fund committed $50 million to the New York Small Business Investment Company Fund II, L.P., which will invest in a wide variety of business sectors including manufacturing, healthcare, technology and business services.

Learn more about the In-State Investment Program

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Addressing Diversity, Equity and Inclusion

Comptroller DiNapoli and the Fund believe equality, diversity and inclusiveness are fundamental values of companies with sound, sustainable and profitable long-term strategies. As a major investor, Comptroller DiNapoli calls on portfolio companies to adopt best practices that benefit their bottom line.

  • Reached an agreement with Chipotle to conduct an independent audit on workforce equity
  • Wrote 30 of the largest companies in the U.S. asking how they were supporting LGBTQ+ employees and stakeholders, and voicing positions on anti-LGBTQ laws
  • Reached agreements with Universal Health Services and Brinker International to disclose progress they have made on improving DEI in their workplaces
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Building a Network of Emerging Managers

Engaging With Companies on Labor and Workforce

A company's ability to establish and maintain constructive relationships with its workers can foster long-term financial sustainability. The Fund engages with portfolio companies regarding labor-related disputes, strikes, and/or questionable labor practices.

This year, the Fund:

Issue in Focus:
Investing in Climate Change Solutions
Holding Companies Accountable on Climate and Environmental Issues
Reviewing & Divesting From Companies in High-Impact Sectors
Issue in Focus:
Protecting the Rights of People With Disabilities



Employment Recovery for New Yorkers With Disabilities Lags Nation
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Prioritizing Disability Inclusion in Corporate America

Comptroller DiNapoli believes equality, diversity and inclusiveness are fundamental values of companies with sustainable and profitable long-term strategies. The Comptroller continues calling on the nation's largest companies to participate in the Disability Equality Index, which helps companies achieve greater disability inclusion and equality.

In 2023, the Comptroller launched a new initiative to encourage companies to increase board-level disability inclusion and representation, reaching out to board chairs of 14 major corporations.

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NY ABLE: Increasing Financial Security for New Yorkers With Disabilities

The Comptroller's Office administers NY ABLE, which empowers New Yorkers with disabilities to save money without risking loss of access to other benefits and services. Since its creation, Comptroller DiNapoli has worked to expand access to the program and raise awareness of its many benefits.

NY ABLE also partnered with Special Olympics of New York as a sponsor of their Athlete of the Month program.

2,851 open accounts with $27.95 million in assets (as of 8/31/23)

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Investing in the Next Generation: NY’s 529 College Savings Program

The Office of the State Comptroller administers the Direct Plan component of the 529 College Savings Program with the New York State Higher Education Services Corporation, helping parents build a nest egg for their children's future educational goals. New York's 529 College Savings Program Direct Plan is the nation's largest direct-sold 529 plan.

1.28M accounts with $42.7B in assets between both plans (as of 9/30/23)

For more information about New York's 529 College Savings Program Direct Plan, request a Disclosure Booklet and Tuition Savings Agreement at www.nysaves.org or by calling 877-NYSAVES.

Investment returns are not guaranteed, and you could lose money by investing in the Direct Plan.

Learn more about New York's 529 College Savings Program

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As the State's Chief Fiscal Officer, Comptroller DiNapoli is responsible for providing independent and fact-driven analysis—with a focus on the fiscal impact of statewide issues, New York City's financial condition and the well-being of local communities across the State.

The Comptroller's audits also determine whether agencies and public authorities have effective controls in place to prevent waste, fraud and abuse of taxpayer dollars—and provide recommendations to improve efficiency and effectiveness.

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Reporting on Statewide Policy and Economic Issues

In addition to serving as the State's Chief Fiscal Officer, Comptroller DiNapoli is responsible for reviewing the State budget and financial and management practices of State agencies and public authorities. Through a wide range of reports and audits, Comptroller DiNapoli reviews the performance of State entities, provides independent analysis of New York's fiscal condition and develops policy initiatives.

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“New York needs comprehensive and binding debt reform to ensure more affordable borrowing levels, more responsible debt decisions, and greater accountability to the public.”


the State’s rainy-day fund balance by the end of State Fiscal Year 2022-23

Advocating for Rainy-Day Funds
Leading the Way on Debt Reform
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Comptroller Celebrates 10 Years of Fiscal Stress Monitoring System

Comptroller DiNapoli launched the Fiscal Stress Monitoring System (FSMS) in 2013 to evaluate local governments’ financial indicators, including year-end fund balances, operating deficits, cash-on-hand, short-term borrowing, fixed costs and other factors. In addition to being the tenth anniversary of FSMS, 2023 also saw the lowest number of local governments designated in fiscal stress since the program’s inception.

Learn more about FSMS

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Connecting With Local Governments

Comptroller DiNapoli supports local officials across New York to practice effective management through technical assistance, data analysis and reporting on a range of critical issues that impact local government.


audits uncovering millions of dollars in cost savings

Issue in Focus:

“Casinos and legalized sports betting have proven to be a double-edged sword in our state. Gaming tax revenues from casinos have benefited some small host communities, but these revenues have varied widely, and the growing numbers of New Yorkers addicted to gambling is worrying.”

DiNapoli Monitors Casinos’ Impact on Upstate Local Tax Revenues
Municipalities are Spending More to Address Climate Threats

Comptroller DiNapoli attended the NYS Association of Counties' Finance School, along with Assistant Comptroller Simonia Brown, Auditor Ingrid Otto and former Deputy Comptroller Elliott Auerbach


local officials & stakeholders participated in osc trainings across the state

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Assessing Rural New York’s Challenges and Opportunities

Comptroller DiNapoli’s report on rural New York found challenges with housing, transportation and health care access, while pointing to the potential of broadband internet to open up new telecommuting jobs in rural areas. With the State receiving nearly $665 million in federal funding to improve broadband availability, there is a historic opportunity to make high-speed internet available to all New Yorkers.

Read the report on Rural New York's Challenges and Opportunities

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Monitoring New York City’s Economy and Government Services

Comptroller DiNapoli held a community event to release OSC's Economic Snapshot of the South Bronx

New York City is not only the largest municipality in the U.S. It also boasts the nation’s biggest consumer base, with a gross metropolitan product of $2 trillion. And while it serves as a critical economic engine for the State, the City also faces unique financial, social and infrastructure challenges—issues that Comptroller DiNapoli monitors closely and reports on throughout the year.

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Data at Your Fingertips—OSC's Interactive Tracking Tools

As part of Comptroller DiNapoli's commitment to open government, in 2023, OSC continued to launch interactive data trackers that monitor trends and spending patterns, providing accessible information and transparency to the public and policymakers alike.

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Issue in Focus:
Findings in 2023 Reports on Vulnerable Populations




New York households experiences food insecurity

Monitoring the State’s Progress in Addressing Nursing Home Pandemic Failures
Issue in Focus:

Comptroller DiNapoli attended an AI Roundtable with UAlbany leaders at the university's ETEC facility

  • The Comptroller’s analysis of cyberattacks on the State’s infrastructure found cybercrime incidents in New York State grew by 53% between 2016 and 2022, and losses increased from $106.2 million to more than $775 million

    Cyberattacks on New York’s Critical Infrastructure

  • A report on cybersecurity challenges facing local governments and schools revealed increasing risks, including a September 2022 ransomware attack on Suffolk County that required the county to disable important computer systems for months

    Division of Local Government and School Accountability

  • An audit found two State agencies, responsible for protecting New York’s drinking water, are often relying on outdated emergency response plans, putting critical water infrastructure at increased risk of cyberattacks and natural disasters

    Oversight of Water Supply Emergency Plans

  • Another audit recommended stronger oversight of NYC’s artificial intelligence programs

    Artificial Intelligence Governance


Increase in Reported Cybercrime in NYS


Fighting Pension Fraud &


Comptroller DiNapoli believes abuse of tax dollars is a betrayal of the public’s trust. That’s why he created the Division of Investigations within the Office of the State Comptroller: to root out corruption within government and combat fraud of public funds. Partnering with State, federal and local law enforcement, in 2023, the Division helped make 27 arrests and recover nearly $2.5 million. Since 2010, the Comptroller’s investigations have led to over 300 arrests and the recovery of over $85 million.

The Comptroller is also focused on preventing pension fraud and protecting the New York State Retirement System. Over the past several years, his investigations of pension fraud have led to nearly 50 arrests and the recovery of over $4 million.





recovered since the inception of the anti-corruption initiative

DiNapoli Uncovers $1.1M Fraud by Public Official

“This case represents the most complete, and to be frank shocking, breach of public trust I have encountered in 30 years as a Steuben County prosecutor.”

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DiNapoli Investigation Results in $204K Federal Pension Fraud Conviction

Timothy Gritman, a Pennsylvania man, was arrested and pleaded guilty to the federal crimes of wire fraud and Social Security fraud for stealing over $204,985 in New York State pension and Social Security payments made to his deceased father from October 2017 to October 2022. The fraud was unearthed by a joint investigation between Comptroller DiNapoli's investigative team, the FBI and Pennsylvania authorities.

As part of his fraud, Timothy Gritman lied about his father's whereabouts and pretended to be his father on multiple occasions. When Comptroller DiNapoli's investigators sought to determine whether Ralph Gritman was alive and asked to speak with him, Timothy Gritman would either say he was asleep or would try to imitate his voice. When DiNapoli's investigators pushed for photographic evidence of his father holding a current ID card, Timothy Gritman sent investigators a picture of himself, in which he tried to disguise himself as his father, holding a bogus Pennsylvania State identification card.

Read the press release

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DiNapoli Exposes Multi-Million Dollar Medicaid Fraud Scheme by Upstate Transportation Provider

In August of 2023, the three principals of Phinaliz Communications, a transportation company operating out of Otsego county, were arrested in connection with a long-running, multi-million dollar scheme to steal from the Medicaid program. Comptroller DiNapoli's investigative team worked alongside various State, local and federal law enforcement agencies to dismantle the crime ring.

The joint investigation revealed that during a four-year period, the owner of Phinaliz and his co-defendants allegedly defrauded Medicaid by billing for fake transportation services, duplicating and inflating costs and paying kickbacks to Medicaid recipients. The multi-year investigation involved extensive surveillance and the execution of a search warrant on company headquarters.

Read the press release

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Other 2023 Investigation Highlights:

Reuniting Owners with Lost Money

New York State is a national leader in returning lost money to citizens. The State currently oversees $18.4 billion in unclaimed funds for over 49 million account holders.

The Office of Unclaimed Funds returns over an average of $1.5 million to New Yorkers each business day, and Comptroller DiNapoli regularly travels the State connecting individuals, organizations, and local governments with their lost funds.

Ongoing Efforts to Return Money

  • Returned $20 million by contacting 150,000 households by mail about their unclaimed funds
  • Participated in 40 events around the State to help more New Yorkers look for lost money
  • Featured on Good Morning America's "Show Me the Money" national television campaign

Learn more about the Office of Unclaimed Funds

Unclaimed Funds A Unclaimed Funds B

Unclaimed Funds booth at the State Fair in Syracuse





  1. Visit ouf.osc.state.ny.us/ouf and search by name or organization
  2. If we're holding your money, click "Claim" to begin the process or "Share" to notify friends and family of outstanding funds in their name
  3. Follow the step-by-step directions and prompts that appear onscreen


Unclaimed Funds B

Future Forward Intern Academy Graduation in Albany

Growing Our Public Service Workforce:

Future Forward Internship Academy

OSC's Future Forward Internship Academy provides college students experience with the challenges and rewards of careers in State service by combining academic studies with hands-on work opportunities.

In summer 2023 the program matched 33 students with paid internship opportunities in Auditing, Government & Accounting Management, Human Resources & Administration, Project Management, and Business Analysis.

For more information: Visit https://www.osc.ny.gov/jobs/interns or contact: [email protected].

Learn more about the Future Forward Internship Academy