Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Dec 17, 2014 |
tabled vetoed memo.552 |
Dec 05, 2014 |
delivered to governor |
Jun 19, 2014 |
returned to assembly passed senate 3rd reading cal.995 substituted for s7331a |
Jun 18, 2014 |
referred to rules delivered to senate passed assembly |
Jun 16, 2014 |
ordered to third reading rules cal.316 rules report cal.316 reported |
Jun 12, 2014 |
amend and recommit to rules 9643a |
Jun 12, 2014 |
reported referred to rules |
Jun 11, 2014 |
reference changed to ways and means |
May 13, 2014 |
referred to governmental employees |
Assembly Bill A9643
Vetoed By Governor2013-2014 Legislative Session
Sponsored By
FARRELL
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
Bill Amendments
co-Sponsors
Peter Abbate
2013-A9643 - Details
- See Senate Version of this Bill:
- S7331
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2013-A9643 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9643 I N A S S E M B L Y May 13, 2014 ___________ Introduced by M. of A. FARRELL, ABBATE -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to investments by public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 9 of section 177 of the retirement and social security law, as amended by chapter 22 of the laws of 2006, is amended to read as follows: (a) the investments by a fund made pursuant to this subdivision shall not at any time exceed [twenty-five] THIRTY-FIVE per centum of the assets of such fund; S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: PROVISIONS OF PROPOSED LEGISLATION: With respect to the New York City Retirement Systems ("NYCRS"), this proposed legislation would amend Retirement and Social Security Law ("RSSL") Section 177.9(a) to permit an increase to 35% the percentage of assets that may be held in "Basket Clause" investments (i.e., investments not explicitly identified as permissible elsewhere in New York State law). This 35% limit compares with a limit of 25% under current law. FINANCIAL IMPACT - EMPLOYER CONTRIBUTIONS: With respect to the NYCRS, the enactment of this proposed legislation would not, in and of itself, result in any change in employer contributions. The ultimate cost of a Retirement Program is the benefits it pays. The financing of that ultimate cost is provided by contributions and invest- ment income. Investment income depends upon the amounts of assets of the Fund and the rate of return received on those assets. The rate of return depends primarily upon the asset allocation policy of the Fund. To the extent that the NYCRS increase their investments in the securi- ties authorized by this proposed legislation and those securities produce greater (lesser) rates of return than the rates of return that EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14954-03-4
co-Sponsors
Peter Abbate
2013-A9643A (ACTIVE) - Details
- See Senate Version of this Bill:
- S7331
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2013-A9643A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9643--A I N A S S E M B L Y May 13, 2014 ___________ Introduced by M. of A. FARRELL, ABBATE -- read once and referred to the Committee on Governmental Employees -- reference changed to the Committee on Ways and Means -- reported and referred to the Committee on Rules -- Rules Committee discharged, bill amended, ordered reprinted as amended and recommitted to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to investments by public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 9 of section 177 of the retirement and social security law, as amended by chapter 22 of the laws of 2006, is amended to read as follows: (a) the investments by a fund made pursuant to this subdivision shall not at any time exceed [twenty-five] THIRTY per centum of the assets of such fund; S 2. This act shall take effect immediately. FISCAL NOTE.--Pursuant to Legislative Law, Section 50: This bill would amend subdivision 9 of Section 177 of the Retirement and Social security Law to increase to 30% the percentage of assets which may be invested by the New York State Teachers' Retirement System in those investments that aren't otherwise specifically permitted under the other subdivisions of this section. The current limit is 25%. If this bill is enacted, any cost or savings to the employers of members of the New York State Teachers' Retirement System would depend on the investment performance of any assets that are invested in a different manner due to this change in the investment restrictions. Additional investment income results in lower required employer contrib- utions, and vice-versa. Employee data is from the System's most recent actuarial valuation files, consisting of data provided by the employers to the Retirement System. Data distributions and statistics can be found in the System's Comprehensive Annual Financial Report (CAFR). System assets are as reported in the System's financial statements, and can also be found in EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14954-07-4
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