Senate Bill S2612

2009-2010 Legislative Session

Relates to prohibiting investment of certain public funds in companies doing business in Sudan

download bill text pdf

Archive: Last Bill Status - In Senate Committee Finance 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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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 18, 2010	reported and committed to finance
May 03, 2010	notice of committee consideration - requested
Jan 06, 2010	referred to civil service and pensions
Feb 25, 2009	referred to civil service and pensions

Votes

- May 18, 2010 - Civil Service And Pensions Committee Vote
  S2612
  
  Aye
  
  10
  
  Nay
  
  0
  
  Aye with Reservations
  
  2
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Civil Service And Pensions Committee Vote: May 18, 2010
      
      aye (10)
      
      Addabbo Jr.
      
      Dilan
      
      Foley
      
      Hannon
      
      Huntley
      
      Lanza
      
      Perkins
      
      Robach
      
      Savino
      
      Thompson
      
      aye wr (2)
      
      Fuschillo
      
      Leibell

co-Sponsors

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2009-S2612 (ACTIVE) - Details

Current Committee:: Senate Finance
Law Section:: Retirement and Social Security Law
Laws Affected:: Add §423-c, R & SS L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S2477
2013-2014: S1266

2009-S2612 (ACTIVE) - Summary

Relates to prohibiting investment of funds of the common retirement fund in companies doing business in Sudan and requires divestiture of any such investments within three years.

2009-S2612 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2612

 TITLE OF BILL :
An act to amend the retirement and social security law, in relation to
prohibiting investment of certain public funds in companies doing
business in Sudan


 PURPOSE :
Directs the New York State Comptroller and all state governmental
entities to cease and desist from the investment of public monies in
companies, corporations or other business entities which are
conducting business or maintaining commercial ties with the government
of Sudan or its governmental subdivisions.

 SUMMARY OF PROVISIONS :
Amends Retirement and Social Security Law by adding a new § 423-c, to
prohibit New York State from investing in business or commercial
entities which maintain economic ties with the Sudanese government.

 EXISTING LAW :
Nothing in current law prohibits such investment.

 JUSTIFICATION :
The Darfur region of western Sudan is site of the 21st century's first
great episode of genocide. In February 2003, an insurgency war

exploded out of decades of economic and political marginalization.
Khartoum's military response to the rebellion has been to attack the
livelihood of the civilian populations perceived as supporting the
insurgents, including the wholesale destruction of villages, water
sources, food and seed stocks, agricultural animals and tools, and
other precious resources. It has also meant the mass execution of men
and boys, the systematic rape of women and girls, and ultimately the
displacement of more than 2 million people. More than 250,000 have
died; hundreds of thousands face death from malnutrition and appalling
conditions in camps that have become breeding grounds for disease.

In the face of international indifference to this situation, New York
State should join the divestment campaign targeting multinational
corporations that provide critical economic, commercial, and financial
support to Khartoum.

 LEGISLATIVE HISTORY :
2007-08: S.2924 - Referred to Civil Service and Pensions
2005-06:  S.5723 - Referred to Civil Service and Pensions

 FISCAL IMPLICATIONS :

This bill would require that any assets of the Common Retirement Fund
invested in any company doing business in or with Sudan or with
agencies or instrumentalities be divested not later than three years
following the date of enactment of this legislation. This bill would
decrease the number of investment choices available for investment by
the Common Retirement Fund.  Presumably this could lead to a lower
rate of return on the Fund's investments, decreasing the probability
of achieving our actuarial assumed rate of return, currently at 8%. A
diminished rate of return would cause an increase in the contributions
of the State of New York and the participating employers in the New
York State and Local Employees' Retirement System and the New York
State and Local Police and Fire Retirement System. There also would be
additional administrative costs to identify companies that are doing
business in or with Sudan.*

*Provided by the Office of the New York State Comptroller.

 EFFECTIVE DATE :
Immediately upon enactment.

2009-S2612 (ACTIVE) - Bill Text download pdf

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

                                  2612

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                            February 25, 2009
                               ___________

Introduced by Sens. PERKINS, BRESLIN, DIAZ, DILAN, DUANE, HASSELL-THOMP-
  SON,  C. JOHNSON,  KRUEGER,  KRUGER, MONTGOMERY, ONORATO, OPPENHEIMER,
  PARKER, SAVINO, SCHNEIDERMAN, SERRANO, SMITH, STACHOWSKI, THOMPSON  --
  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
  prohibiting  investment  of  certain  public  funds in companies doing
  business in Sudan

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

  Section 1. The retirement and social security law is amended by adding
a new section 423-c to read as follows:
  S  423-C.  INVESTMENT OF CERTAIN PUBLIC FUNDS IN COMPANIES DOING BUSI-
NESS IN SUDAN. 1. ON AND AFTER THE EFFECTIVE DATE OF  THIS  SECTION,  NO
MONEYS  OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN THE
STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY  INSTITUTION  OR  COMPANY
DOING  BUSINESS  IN  OR WITH SUDAN OR WITH AGENCIES OR INSTRUMENTALITIES
THEREOF. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, NO ASSETS
OF ANY PENSION OR ANNUITY FUND  UNDER  THE  JURISDICTION  OF  THE  COMP-
TROLLER,  SHALL  BE  INVESTED IN ANY BANK OR FINANCIAL INSTITUTION WHICH
DIRECTLY OR THROUGH A SUBSIDIARY HAS OUTSTANDING LOANS TO  OR  FINANCIAL
ACTIVITIES IN SUDAN OR ITS INSTRUMENTALITIES AND NO SUCH ASSETS SHALL BE
INVESTED  IN  THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY COMPANY
WHICH DIRECTLY OR THROUGH A SUBSIDIARY IS ENGAGED IN BUSINESS IN OR WITH
SUDAN OR ITS INSTRUMENTALITIES.
  2. THE COMPTROLLER SHALL TAKE  APPROPRIATE  ACTION  TO  SELL,  REDEEM,
DIVEST  OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF THE PROVISION OF
THIS SECTION. THIS SECTION SHALL NOT BE CONSTRUED TO REQUIRE THE  PREMA-
TURE  OR  OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVESTMENT OR WITHDRAWAL
OF AN INVESTMENT, BUT SUCH SALE, REDEMPTION,  DIVESTMENT  OR  WITHDRAWAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05453-02-9

S. 2612                             2

SHALL  BE  COMPLETED  NOT LATER THAN THREE YEARS FOLLOWING THE EFFECTIVE
DATE OF THIS SECTION.
  3.  WITHIN  SIXTY  DAYS  AFTER THE EFFECTIVE DATE OF THIS SECTION, THE
COMPTROLLER SHALL FILE WITH THE LEGISLATURE A REPORT OF ALL  INVESTMENTS
HELD  AS OF THE EFFECTIVE DATE OF THIS SECTION WHICH ARE IN VIOLATION OF
THE PROVISIONS OF THIS SECTION. EVERY YEAR THEREAFTER,  THE  COMPTROLLER
SHALL REPORT ON ALL INVESTMENTS SOLD, REDEEMED, DIVESTED OR WITHDRAWN IN
COMPLIANCE  WITH  THIS  SECTION.    EACH REPORT AFTER THE INITIAL REPORT
SHALL PROVIDE A DESCRIPTION OF THE PROGRESS WHICH  THE  COMPTROLLER  HAS
MADE  SINCE  THE  PREVIOUS  REPORT  AND SINCE THE EFFECTIVE DATE OF THIS
SECTION.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--This bill would require that any assets  of  the  Common
Retirement  Fund invested in any company doing business in or with Sudan
or with agencies or instrumentalities be divested not later  than  three
years  following  the  date  of enactment of this legislation. This bill
would decrease the number of investment choices available for investment
by the Common Retirement Fund. Presumably this could  lead  to  a  lower
rate  of return on the Fund's investments, decreasing the probability of
achieving our actuarial assumed rate  of  return,  currently  at  8%.  A
diminished  rate  of return would cause an increase in the contributions
of the State of New York and the participating employers in the New York
State and Local Employees' Retirement System and the New York State  and
Local  Police and Fire Retirement System. There also would be additional
administrative costs to identify companies that are doing business in or
with Sudan.
  Provided by the Office of the New York State Comptroller.

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Senate Bill S2612

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Actions

Votes

May 18, 2010 - Civil Service And Pensions Committee Vote

Civil Service And Pensions Committee Vote: May 18, 2010

co-Sponsors

2009-S2612 (ACTIVE) - Details

2009-S2612 (ACTIVE) - Summary

2009-S2612 (ACTIVE) - Sponsor Memo

2009-S2612 (ACTIVE) - Bill Text download pdf

Comments

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Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

Actions

Votes

co-Sponsors

2009-S2612 (ACTIVE) - Details

2009-S2612 (ACTIVE) - Summary

2009-S2612 (ACTIVE) - Sponsor Memo

2009-S2612 (ACTIVE) - Bill Text download pdf

Comments