|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to finance|
|Jan 09, 2013||referred to finance|
senate Bill S1822
Archive: Last Bill Status -
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1822 - Details
S1822 - 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.
S1822 - Sponsor Memo
BILL NUMBER:S1822 TITLE OF BILL: 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 SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends Section 13 of the Retirement and Social Security Law and Section 98-a of the State Finance Law in relation to the New York State Comptrollers investment of the New York State Comptrollers Retirement Fund. PURPOSE OF BILL: To create a free standing commission that will have as its mandate the monitoring and reporting of investment decisions of the Common Retirement Fund made by the New York State Comptroller. The Commission will report to the Governor and the New York State. JUSTIFICATION: By definition the New York State Common Retirement Fund P,Fund") is comprised of all of the assets of income of the Employee's Retirement System; and of the Policemen's and Firemen's Retirement System.
S1822 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1822 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. ESPAILLAT, PERKINS -- read twice and ordered print- ed, 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-d to read as follows: S 423-D. 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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