Senate Bill S2679A

Signed By Governor
2023-2024 Legislative Session

Relates to authorizing and empowering CREF to merge with TIAA; repealer

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Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2023-S2679 - Details

Law Section:
Financial Services
Laws Affected:
Rpld Chap 124 of 1952
Versions Introduced in 2021-2022 Legislative Session:
S8126

2023-S2679 - Summary

Authorizes and empowers the College Retirement Equities Fund (CREF) to merge with the Teachers Insurance and Annuity Association (TIAA) with CREF ceasing to be a corporate entity and TIAA as the surviving entity.

2023-S2679 - Sponsor Memo

2023-S2679 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2679
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT in relation to authorizing and empowering CREF  to  combine  with
   TIAA,  with  TIAA  continuing  in  existence  as  the surviving entity
   following such combination and with CREF ceasing  to  be  a  corporate
   entity;  and  to  repeal  chapter 124 of the laws of 1952, relating to
   incorporating the college retirement equities fund for the benefit  of
   the teaching profession
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Chapter 124 of the laws of 1952, relating to  incorporating
 the  college  retirement  equities  fund for the benefit of the teaching
 profession, is REPEALED.
   § 2. Definitions. For purposes of this act the following  terms  shall
 have the following meanings:
   (a)  "CREF"  shall  mean  the College Retirement Equities Fund, formed
 pursuant to chapter 124 of the laws of 1952 as a companion  organization
 to TIAA for the issuance of variable annuity contracts;
   (b) "CREF Board of Governors" shall mean the individuals designated as
 governors  of CREF, pursuant to chapter 124 of the laws of 1952, who are
 the sole members of CREF;
   (c) "Plan of Combination" shall mean the agreement and plan of  combi-
 nation  of  TIAA  and  CREF  adopted and approved in accordance with the
 provisions of this act;
   (d) "Superintendent" shall mean the superintendent  of  the  New  York
 state department of financial services;
   (e)  "TIAA"  shall mean the Teachers Insurance and Annuity Association
 of America, an insurance company formed pursuant  to  the  laws  of  New
 York;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07358-01-3
 S. 2679                             2

              

2023-S2679A - Details

Law Section:
Financial Services
Laws Affected:
Rpld Chap 124 of 1952
Versions Introduced in 2021-2022 Legislative Session:
S8126

2023-S2679A - Summary

Authorizes and empowers the College Retirement Equities Fund (CREF) to merge with the Teachers Insurance and Annuity Association (TIAA) with CREF ceasing to be a corporate entity and TIAA as the surviving entity.

2023-S2679A - Sponsor Memo

2023-S2679A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2679--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Insurance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee
 
 AN  ACT  in  relation to authorizing and empowering CREF to combine with
   TIAA, with TIAA  continuing  in  existence  as  the  surviving  entity
   following  such  combination  and  with CREF ceasing to be a corporate
   entity; and to repeal chapter 124 of the laws  of  1952,  relating  to
   incorporating  the college retirement equities fund for the benefit of
   the teaching profession
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Chapter 124 of the laws of 1952, relating to incorporating
 the college retirement equities fund for the  benefit  of  the  teaching
 profession, is REPEALED.
   §  2.  Definitions. For purposes of this act the following terms shall
 have the following meanings:
   (a) "Attorney General" shall mean the attorney general of the State of
 New York;
   (b) "CREF" shall mean the College  Retirement  Equities  Fund,  formed
 pursuant  to chapter 124 of the laws of 1952 as a companion organization
 to TIAA for the issuance of variable annuity contracts;
   (c) "CREF Board of Governors" shall mean the individuals designated as
 governors of CREF, pursuant to chapter 124 of the laws of 1952, who  are
 the sole members of CREF;
   (d) "CREF Board of Trustees" shall mean, collectively, the trustees of
 CREF  as  appointed  in accordance with applicable law and the organiza-
 tional documents of CREF;
   (e) "Plan of Combination" shall mean, collectively, the agreement  and
 plan  of combination of TIAA and CREF adopted and approved in accordance
 with the provisions of this act to effectuate the combination;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07358-02-3
              

2023-S2679B (ACTIVE) - Details

Law Section:
Financial Services
Laws Affected:
Rpld Chap 124 of 1952
Versions Introduced in 2021-2022 Legislative Session:
S8126

2023-S2679B (ACTIVE) - Summary

Authorizes and empowers the College Retirement Equities Fund (CREF) to merge with the Teachers Insurance and Annuity Association (TIAA) with CREF ceasing to be a corporate entity and TIAA as the surviving entity.

2023-S2679B (ACTIVE) - Sponsor Memo

2023-S2679B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2679--B
     Cal. No. 1180
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 24, 2023
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Insurance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee -- 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  in  relation to authorizing and empowering CREF to combine with
   TIAA, with TIAA  continuing  in  existence  as  the  surviving  entity
   following  such  combination  and  with CREF ceasing to be a corporate
   entity; and to repeal chapter 124 of the laws  of  1952,  relating  to
   incorporating  College Retirement Equities Fund for the benefit of the
   teaching profession
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Chapter 124 of the laws of 1952, relating to incorporating
 College Retirement Equities Fund for the benefit of the teaching profes-
 sion, is REPEALED.
   § 2. Definitions. For purposes of this act the following  terms  shall
 have the following meanings:
   (a) "Attorney General" shall mean the attorney general of the State of
 New York;
   (b)  "CREF"  shall  mean  the College Retirement Equities Fund, formed
 pursuant to chapter 124 of the laws of 1952 as a companion  organization
 to TIAA for the issuance of variable annuity contracts;
   (c) "CREF Board of Governors" shall mean the individuals designated as
 governors  of CREF, pursuant to chapter 124 of the laws of 1952, who are
 the sole members of CREF;
   (d) "CREF Board of Trustees" shall mean, collectively, the trustees of
 CREF as appointed in accordance with applicable law  and  the  organiza-
 tional documents of CREF;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07358-04-3
              

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