Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2014 |
tabled vetoed memo.552 |
Dec 05, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to assembly passed senate 3rd reading cal.995 substituted for s7331a |
Jun 19, 2014 |
substituted by a9643a |
Jun 16, 2014 |
amended on third reading 7331a |
Jun 02, 2014 |
advanced to third reading |
May 29, 2014 |
2nd report cal. |
May 28, 2014 |
1st report cal.995 |
May 13, 2014 |
referred to civil service and pensions |
Senate Bill S7331A
Vetoed By Governor2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status Via A9643 - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
(D, IP) Senate District
2013-S7331 - Details
- See Assembly Version of this Bill:
- A9643
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2013-S7331 - Sponsor Memo
BILL NUMBER:S7331 TITLE OF BILL: An act to amend the retirement and social security law, in relation to investments by public pension funds PURPOSE: This bill increases the portion of public pension fund assets that may be invested. SUMMARY OF PROVISIONS: Section 1 amends paragraph 1 of subdivision 9 of section 177 of the Retirement and Social Security Law to increase from 25% to 35% the portion of a public pension fund's assets that may be invested. Section 2 provides for an immediate effective date. DISCUSSION: In order to maximize risk-adjusted returns and meet its actuarial targets, the New York City Retirement Systems (NYCRS) has increased its exposure to alternative investment classes over time. This action was in keeping with the evolution of capital markets and in line with the actions of other large government pension funds. As the investment advisors and trustees look forward to the market challenges that lay ahead, they see the need to increase the basket clause limit from 25% to 35%. This limit will allow for a superior risk-adjusted portfolio and for additional flexibility to reduce portfolio volatility while maintaining superior returns. In addition,
2013-S7331 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7331 I N S E N A T E May 13, 2014 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions AN ACT to amend the retirement and social security law, in relation to investments by public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 9 of section 177 of the retirement and social security law, as amended by chapter 22 of the laws of 2006, is amended to read as follows: (a) the investments by a fund made pursuant to this subdivision shall not at any time exceed [twenty-five] THIRTY-FIVE per centum of the assets of such fund; S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: PROVISIONS OF PROPOSED LEGISLATION: With respect to the New York City Retirement Systems ("NYCRS"), this proposed legislation would amend Retirement and Social Security Law ("RSSL") Section 177.9(a) to permit an increase to 35% the percentage of assets that may be held in "Basket Clause" investments (i.e., investments not explicitly identified as permissible elsewhere in New York State law). This 35% limit compares with a limit of 25% under current law. FINANCIAL IMPACT - EMPLOYER CONTRIBUTIONS: With respect to the NYCRS, the enactment of this proposed legislation would not, in and of itself, result in any change in employer contributions. The ultimate cost of a Retirement Program is the benefits it pays. The financing of that ultimate cost is provided by contributions and invest- ment income. Investment income depends upon the amounts of assets of the Fund and the rate of return received on those assets. The rate of return depends primarily upon the asset allocation policy of the Fund. To the extent that the NYCRS increase their investments in the securi- ties authorized by this proposed legislation and those securities produce greater (lesser) rates of return than the rates of return that EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(D, IP) Senate District
2013-S7331A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9643
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2013-S7331A (ACTIVE) - Sponsor Memo
BILL NUMBER:S7331A TITLE OF BILL: An act to amend the retirement and social security law, in relation to investments by public pension funds PURPOSE: This bill increases the portion of public pension fund assets that may be invested. SUMMARY OF PROVISIONS: Section 1 amends paragraph 1 of subdivision 9 of section 177 of the Retirement and Social Security Law to increase from 25% to 30% the portion of a public pension fund's assets that may be invested. Section 2 provides for an immediate effective date. DISCUSSION: In order to maximize risk-adjusted returns and meet its actuarial targets, the New York City Retirement Systems (NYCRS) has increased its exposure to alternative investment classes over time. This action was in keeping with the evolution of capital markets and in line with the actions of other large government pension funds. As the investment advisors and trustees look forward to the market challenges that lay ahead, they see the need to increase the basket clause limit from 25% to 30%. This limit will allow for a superior risk-adjusted portfolio and for additional flexibility to reduce portfolio volatility while maintaining superior returns. In addition,
2013-S7331A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7331--A Cal. No. 995 I N S E N A T E May 13, 2014 ___________ Introduced by Sens. DeFRANCISCO, SAVINO -- read twice and ordered print- ed, and when printed to be committed to the Committee on Civil Service and Pensions -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the retirement and social security law, in relation to investments by public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 9 of section 177 of the retirement and social security law, as amended by chapter 22 of the laws of 2006, is amended to read as follows: (a) the investments by a fund made pursuant to this subdivision shall not at any time exceed [twenty-five] THIRTY per centum of the assets of such fund; S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend subdivision 9 of Section 177 of the Retirement and Social security Law to increase to 30% the percentage of assets which may be invested by the New York State Teachers' Retirement System in those investments that aren't otherwise specifically permitted under the other subdivisions of this section. The current limit is 25%. If this bill is enacted, any cost or savings to the employers of members of the New York State Teachers' Retirement System would depend on the investment performance of any assets that are invested in a different manner due to this change in the investment restrictions. Additional investment income results in lower required employer contrib- utions, and vice-versa. Employee data is from the System's most recent actuarial valuation files, consisting of data provided by the employers to the Retirement System. Data distributions and statistics can be found in the System's Comprehensive Annual Financial Report (CAFR). System assets are as reported in the System's financial statements, and can also be found in EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.