senate Bill S2329

2009-2010 Legislative Session

Relates to investments by the comptroller; appropriation

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2010 referred to civil service and pensions
Mar 18, 2009 committee discharged and committed to civil service and pensions
Feb 18, 2009 referred to finance

S2329 - Bill Details

See Assembly Version of this Bill:
A6931
Current Committee:
Senate Civil Service And Pensions
Law Section:
Appropriations

S2329 - Bill Texts

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view sponsor memo
BILL NUMBER: S2329

TITLE OF BILL :

An act to amend the retirement and social security law and the state
finance law, in relation to investment of the common retirement fund
by the comptroller and creating an independent comptroller investment
review commission, and making an appropriation therefor


PURPOSE :

To create a free standing commission that will have as its mandate the
monitoring and reporting of investment decisions of the Common
Retirement Fund made by the New York State Comptroller. The Commission
will report to the Governor and the New York State Legislature.

SUMMARY OF PROVISIONS :

Section 1 amends Section 13 of the Retirement and Social Security Law
and Section 98-a of the State Finance Law in relation to the new York
State Comptrollers investment of the New York State Common Retirement
Fund.

JUSTIFICATION :

By definition the New York State Common Retirement Fund ("Fund") is
comprised of all of the assets of income of the Employee's Retirement
System; and of the Policemen's and Firemen's Retirement System.
Together there are over 650,000 contributors in addition to the
approximately 315,000 pensioners and beneficiaries in the System,
bringing the total number of participants to more than 965,000. The
Fund is among the largest state sponsored fund in the United States.

The New York State comptroller is the administrative head and
fiduciary of the Retirement System. As sole trustee, the State
Comptroller is directly answerable to retirees and shall invest the
available monies of the Fund in any investments and securities
authorized by law for each retirement system. The management of such
fund significantly affects publicly held companies, the securities
markets and the economy as a whole. More directly, the fund affects
taxpayers and the many state retirees who rely on the funds for their
pensions and other benefits. In fact, a large percentage of the
contributions are generated by employees who reside in underserved
economically at risk communities who would greatly benefit from the
sound social institutional investments. Social investments by way of
corporate civic funds, for example, does not require a change in how
fund managers do business rather it enables fund managers to finance
projects that benefit the community through the creation of jobs and
diversified economic growth.

As such, as a matter of public policy, the Comptroller Investment
Review Commission is established as a monitoring and reporting body of
the state comptroller's office to assure an institutional commitment
to advancing the social investment market.

LEGISLATIVE HISTORY :

S.1619/A.2927 of 2007-08

FISCAL IMPLICATIONS :

$500,000

EFFECTIVE DATE :
Immediately.
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