Assembly Actions -
Senate Actions - UPPERCASE
|Apr 11, 2016||
reported and committed to finance
|Mar 07, 2016||
notice of committee consideration - requested
|Jan 06, 2016||
referred to civil service and pensions
|Jun 09, 2015||
referred to rules
Senate Bill S5873
2015-2016 Legislative Session
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2015-S5873 (ACTIVE) - Details
2015-S5873 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5873 TITLE OF BILL: An act to amend the retirement and social security law, in relation to limitations on investments of public pension funds PURPOSE: To direct the State Comptroller to divest the New York State Common Retirement Fund from companies engaged in the production of fossil fuels. SUMMARY OF PROVISIONS: Section 1: Names the bill. Section 3a: Amends the Retirement and Social Security Law to prohibit the State Comptroller from investing monies of the Common Retirement Fund in of the top 200 companies that hold the largest carbon content fossil fuel reserves. Divestment from coal companies must be completed within one year; divestment from all other fossil fuel companies must be completed by January 1, 2020. Section 3b: Permits the Comptroller to cease divestment or reinvest in previously divested companies if he/she can demonstrate that as a direct result of such divestment the Fund has become or shall become: (i) equal to or less than 99.5 per cent; or (ii) 100 per cent less 50 basis points of the hypothetical value of all assets under management by, or on behalf of, the Fund assuming no divestment from any company had occurred.
2015-S5873 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5873 2015-2016 Regular Sessions I N S E N A T E June 9, 2015 ___________ Introduced by Sen. KRUEGER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the retirement and social security law, in relation to limitations on investments of public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "fossil fuel divestment act". S 2. Section 423 of the retirement and social security law, as amended by chapter 770 of the laws of 1970, is amended to read as follows: S 423. Investments. [a.] 1. On and after April first, nineteen hundred sixty-seven, the comptroller shall invest the available monies of the common retirement fund in any investments and securities author- ized by law for each retirement system and shall hold such investments in his name as trustee of such fund, notwithstanding any other provision of this chapter. Participating interests in such investments shall be credited to each retirement system in the manner and at the time speci- fied in [paragraph] SUBDIVISION two of section four hundred twenty-two of this article. [b.] 2. (A) To assist in the management of the monies of the common retirement fund, the comptroller shall appoint an investment advisory committee consisting of not less than seven members who shall serve for his term of office. A vacancy occurring from any cause other than expi- ration of term shall be filled by the comptroller for the remainder of the term. Each member of the committee shall be experienced in the field of investments and shall have served, or shall be serving, as a senior officer or member of the board of an insurance company, banking corpo- ration or other financial or investment organization authorized to do business in the state of New York. The committee shall advise the comp- troller on investment policies relating to the monies of the common retirement fund and shall review, from time to time, the investment EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11101-03-5
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