Senate Bill S2329

2009-2010 Legislative Session

Relates to investments by the comptroller; appropriation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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

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2009-S2329 (ACTIVE) - Details

See Assembly Version of this Bill:
A6931
Current Committee:
Senate Civil Service And Pensions
Law Section:
Appropriations
Laws Affected:
Amd §13, add §423-c, R & SS L; amd §98-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2011-2012: S3006
2013-2014: S1822
2015-2016: S4806
2017-2018: S2328

2009-S2329 (ACTIVE) - Summary

Relates to investments by the comptroller; requires the comptroller to comply with provisions of the executive law relating to participation by minority and women owned businesses in awarding contracts for investment services for the common retirement fund; creates commission to investigate investment practices of the comptroller's office and appropriates $500,000 therefor.

2009-S2329 (ACTIVE) - Sponsor Memo

2009-S2329 (ACTIVE) - Bill Text download pdf

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

                                  2329

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 18, 2009
                               ___________

Introduced  by  Sen. PADAVAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

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

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

  Section 1. Section 13 of the retirement and  social  security  law  is
amended by adding a new subdivision l to read as follows:
  L.  CONSISTENT  WITH THE COMPTROLLER'S ROLE AS THE ADMINISTRATIVE HEAD
OF THE RETIREMENT SYSTEM AND SOLE TRUSTEE AND FIDUCIARY  OF  THE  COMMON
RETIREMENT  FUND,  THE COMPTROLLER SHALL COMPLY WITH THE REQUIREMENTS OF
ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR
INVESTMENT SERVICES.
  S 2. Section 98-a of the state finance law is amended by adding a  new
subdivision 3 to read as follows:
  3.  THE  COMPTROLLER  SHALL  COMPLY  WITH  THE REQUIREMENTS OF ARTICLE
FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR INVEST-
MENT SERVICES.
  S 3. The retirement and social security law is amended by adding a new
section 423-c to read as follows:
  S 423-C. COMPTROLLER INVESTMENT REVIEW COMMISSION. 1.  APPOINTMENT  OF
MEMBERS.  THERE  SHALL  BE  ESTABLISHED  A COMPTROLLER INVESTMENT REVIEW
COMMISSION TO CONSIST OF ELEVEN MEMBERS  TO  BE  APPOINTED  AS  FOLLOWS:
FIVE  MEMBERS  SHALL  BE APPOINTED BY THE GOVERNOR, TWO MEMBERS SHALL BE
APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE, TWO MEMBERS SHALL BE
APPOINTED BY THE SPEAKER OF THE ASSEMBLY, ONE MEMBER SHALL BE  APPOINTED
BY  THE  MINORITY LEADER OF THE SENATE AND ONE MEMBER SHALL BE APPOINTED
BY THE MINORITY LEADER OF THE ASSEMBLY. OF THE FIVE MEMBERS APPOINTED BY
THE GOVERNOR ONE SHALL BE SELECTED FROM  AMONG  THE  LEADERSHIP  OF  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07544-01-9
              

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