Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 04, 2010 |
referred to ways and means delivered to assembly passed senate |
Mar 01, 2010 |
advanced to third reading |
Feb 24, 2010 |
2nd report cal. |
Feb 23, 2010 |
1st report cal.171 |
Jan 27, 2010 |
print number 3511a |
Jan 27, 2010 |
amend and recommit to civil service and pensions |
Jan 06, 2010 |
referred to civil service and pensions returned to senate died in assembly |
Jun 04, 2009 |
referred to ways and means delivered to assembly passed senate |
Jun 01, 2009 |
advanced to third reading |
May 27, 2009 |
2nd report cal. |
May 26, 2009 |
1st report cal.444 |
Mar 20, 2009 |
referred to civil service and pensions |
Senate Bill S3511
2009-2010 Legislative Session
Sponsored By
(D, IP) Senate District
Archive: Last Bill Status - In Assembly Committee
- 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
Actions
Votes
Bill Amendments
co-Sponsors
(D) Senate District
(D) Senate District
(D, WF) 28th Senate District
(D) Senate District
2009-S3511 - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
- Versions Introduced in 2011-2012 Legislative Session:
-
S3402
2009-S3511 - Sponsor Memo
BILL NUMBER: S3511 TITLE OF BILL : An act to amend the retirement and social security law, in relation to increasing to ten percent the amount of assets of the New York state teachers' retirement system which may be invested in real property PURPOSE OF THE BILL : This bill would increase the percentage of assets which may be invested by public employee retirement systems in real estate under Retirement and Social Security Law § 177 (6) from five to ten percent. SUMMARY AND JUSTIFICATION : Public employee retirement systems may only invest in capital assets to the extent permitted by law. Systems generally rely upon the investment authorizations contained in section 177 of the Retirement and Social Security Law, the so-called "legal list". Over the years, the authorizations in that section have been liberalized to reflect changes in the universe of investable capital assets and trends in institutional investment. The most recent change in the legal list occurred in 1997 with the enactment of Chapter 560 of the Laws of 1997 which made a number of significant changes in the list for the benefit of the systems and public employee members and retirees that they serve.
2009-S3511 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3511 2009-2010 Regular Sessions I N S E N A T E March 20, 2009 ___________ Introduced by Sen. SAVINO -- (at request of the New York State Teachers' Retirement System) -- 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 increasing to ten percent the amount of assets of the New York state teachers' retirement system which may be invested in real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (e) of subdivision 6 of section 177 of the retirement and social security law, as amended by chapter 560 of the laws of 1997, is amended to read as follows: (e) Such real property, other than property to be used primarily for agricultural, horticultural, ranch, mining, recreational, amusement or club purposes, as may be acquired, as an investment for the production of income (INCLUDING CAPITAL APPRECIATION), or as may be acquired to be improved or developed for such investment purpose pursuant to an exist- ing program therefor, subject to the following limitations: (1) the cost of each parcel of real property so acquired under the authority of this subdivision, including the estimated cost to the fund of the improvement or development thereof, when added to the value of all other real prop- erty then held by it pursuant to this subdivision, shall not exceed [five] TEN per cent of its assets, and (2) the cost of each parcel of real property acquired under the authority of this subdivision, includ- ing the estimated cost to the fund of the improvement or development thereof, shall not exceed two per cent of the fund's assets. S 2. Subdivision 6 of section 177 of the retirement and social securi- ty law is amended by adding a new paragraph (f) to read as follows: (F) NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE, FOR THE PURPOSES OF THIS SUBDIVISION, AN INVESTMENT IN AN ENTITY THAT INVESTS OR PROPOSES TO INVEST, DIRECTLY OR INDIRECTLY THROUGH ONE OR MORE OTHER ENTITIES, AT LEAST A MAJORITY OF ITS ASSETS IN (1) ANY INTEREST IN REAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07441-02-9
co-Sponsors
(D) Senate District
(D) Senate District
(D, WF) 28th Senate District
(D) Senate District
2009-S3511A (ACTIVE) - Details
- Current Committee:
- Assembly Ways And Means
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
- Versions Introduced in 2011-2012 Legislative Session:
-
S3402
2009-S3511A (ACTIVE) - Sponsor Memo
BILL NUMBER: S3511A TITLE OF BILL : An act to amend the retirement and social security law, in relation to increasing to ten percent the amount of assets of the New York state teachers' retirement system which may be invested in real property PURPOSE OF THE BILL : This bill would increase the percentage of assets which may be invested by public employee retirement systems in real estate under Retirement and Social Security Law § 177 (6) from five to ten percent. SUMMARY AND JUSTIFICATION : Public employee retirement systems may only invest in capital assets to the extent permitted by law. Systems generally rely upon the investment authorizations contained in section 177 of the Retirement and Social Security Law, the so-called "legal list". Over the years, the authorizations in that section have been liberalized to reflect changes in the universe of investable capital assets and trends in institutional investment. The most recent change in the legal list occurred in 1997 with the enactment of Chapter 560 of the Laws of 1997 which made a number of significant changes in the list for the benefit of the systems and public employee members and retirees that they
2009-S3511A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3511--A 2009-2010 Regular Sessions I N S E N A T E March 20, 2009 ___________ Introduced by Sens. SAVINO, DIAZ, HUNTLEY, KRUEGER, ONORATO, THOMPSON -- (at request of the New York State Teachers' Retirement System) -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- recommitted to the Commit- tee on Civil Service and Pensions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to increasing to ten percent the amount of assets of the New York state teachers' retirement system which may be invested in real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (e) of subdivision 6 of section 177 of the retirement and social security law, as amended by chapter 560 of the laws of 1997, is amended to read as follows: (e) Such real property, other than property to be used primarily for agricultural, horticultural, ranch, mining, recreational, amusement or club purposes, as may be acquired, as an investment for the production of income (INCLUDING CAPITAL APPRECIATION), or as may be acquired to be improved or developed for such investment purpose pursuant to an exist- ing program therefor, subject to the following limitations: (1) the cost of each parcel of real property so acquired under the authority of this subdivision, including the estimated cost to the fund of the improvement or development thereof, when added to the value of all other real prop- erty then held by it pursuant to this subdivision, shall not exceed [five] TEN per cent of its assets, and (2) the cost of each parcel of real property acquired under the authority of this subdivision, includ- ing the estimated cost to the fund of the improvement or development thereof, shall not exceed two per cent of the fund's assets. S 2. Subdivision 6 of section 177 of the retirement and social securi- ty law is amended by adding a new paragraph (f) to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07441-06-0
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