senate Bill S3402

Signed By Governor
2011-2012 Legislative Session

Authorizes the eight New York state public retirement systems to increase their asset investments in real property to ten percent

download bill text pdf

Sponsored By

Archive: Last Bill Status -


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

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Actions

view actions (13)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2011 signed chap.554
Sep 12, 2011 delivered to governor
Jun 16, 2011 returned to senate
passed assembly
ordered to third reading rules cal.366
substituted for a5369
May 02, 2011 referred to ways and means
delivered to assembly
passed senate
Mar 28, 2011 advanced to third reading
Mar 24, 2011 2nd report cal.
Mar 23, 2011 1st report cal.257
Feb 18, 2011 referred to civil service and pensions

Votes

view votes

Mar 23, 2011 - Civil Service and Pensions committee Vote

S3402
11
0
committee
11
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: Mar 23, 2011

aye wr (1)

Co-Sponsors

S3402 - Details

See Assembly Version of this Bill:
A5369
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L
Versions Introduced in 2009-2010 Legislative Session:
S3511A, A5315A

S3402 - Summary

Increases to ten percent the amount of assets in the New York state teachers' retirement system which may be invested in real estate.

S3402 - Sponsor Memo

S3402 - Bill Text download pdf

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

                                  3402

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 18, 2011
                               ___________

Introduced by Sen. GOLDEN -- (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.
                                                           LBD08934-01-1

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