Attorney General Andrew Cuomo’s widening investigation into alleged pay-to-play schemes set up in former Comptroller Alan Hevesi’s office has exposed what many say is an inherent weakness in the state pension fund system: It only has one trustee. No other state comparable in size to New York puts its retirement money in the hands of one person, as shown by the chart below. The largest system, California, has 13 trustees, while even the smaller Iowa system—which is about a sixth the size of the New York fund—has 14. The closest thing to the New York system can be found in Florida, where just three people manage $130.7 billion in assets.