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Assembly Bill A5502

2009-2010 Legislative Session

Provides that public pension systems in the state may invest in hedge funds and fund-of-hedge funds in accordance with rules and regulations

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Archive: Last Bill Status - In Assembly Committee

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2009-A5502 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement

2009-A5502 (ACTIVE) - Summary

Provides that public pension systems in the state may invest in hedge funds and fund-of-hedge funds in accordance with rules and regulations.

2009-A5502 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5502

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 13, 2009
                               ___________

Introduced  by M. of A. BOYLAND -- read once and referred to the Commit-
  tee on Governmental Employees

AN ACT in relation to authorizing the comptroller, the retirement  board
  of the New York state teachers' retirement system, the boards of trus-
  tees  of  the New York city employees' retirement system, the New York
  city police pension fund,  and  the  New  York  city  fire  department
  pension  fund  and the retirement board of the New York city teachers'
  retirement system to invest in hedge  funds  and  fund-of-hedge  funds
  under certain conditions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other law, rule, or  regulation to  the
contrary, the comptroller of the state of New York, the retirement board
of  the  New York state teachers' retirement system, the boards of trus-
tees of the New York city employees' retirement  system,  the  New  York
city  police  pension fund and the New York city fire department pension
fund and the retirement board of the New York city teachers'  retirement
system  are  authorized to invest in hedge funds and fund-of-hedge funds
for the pension systems which they manage and control in accordance with
rules and regulations to be promulgated by each such board of person for
their pension system. Such rules and regulations  shall  provide  proce-
dures  and guidelines for hedge funds and fund-of-hedge funds to present
their funds for sale to the pension systems and  procedures  and  guide-
lines  for  determination  as  to whether such funds shall be purchased.
Such rules and regulations shall also provide for  transparency  of  the
processes and procedures for the purchase of such funds.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law; provided, however, that  effective  immediately,  the
addition,  amendment  and/or  repeal of any rule or regulation necessary
for the implementation of this act on its effective date are  authorized
and directed to be made and completed on or before such effective date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08908-01-9

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