|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 23, 2011||signed chap.554|
|Sep 12, 2011||delivered to governor|
|Jun 16, 2011||returned to senate|
ordered to third reading rules cal.366
substituted for a5369
|May 02, 2011||referred to ways and means|
delivered to assembly
|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|
senate Bill S3402Signed By Governor
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
S3402 - Details
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
BILL NUMBER:S3402 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.
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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