assembly Bill A8011A

2015-2016 Legislative Session

Relates to limitations on investments of public pension funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


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

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 06, 2016 referred to governmental employees
Jun 23, 2015 print number 8011a
Jun 23, 2015 amend (t) and recommit to governmental employees
Jun 04, 2015 referred to governmental employees

A8011 - Details

See Senate Version of this Bill:
S5873
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3712, S4596
2019-2020: A1536, S2126

A8011 - Summary

Relates to limitations on investments of public pension funds.

A8011 - Bill Text download pdf

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

                                  8011

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 4, 2015
                               ___________

Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
  on Governmental Employees

AN ACT to amend the retirement and social security law, in  relation  to
  prohibiting  investments  in  companies in the fossil fuel industry by
  trustees of the pension funds

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The opening paragraph of section 178 of the retirement and
social security law is designated subdivision 1 and a new subdivision  2
is added to read as follows:
  2.  (A)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, INCLUDING THE
PROVISIONS OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, THE TRUS-
TEE OR TRUSTEES OF A FUND SHALL NOT HAVE THE  POWER  TO  INVEST  IN  ANY
STOCKS  OR  OTHER  SECURITIES  OF  ANY CORPORATION OR COMPANY WITHIN THE
FOSSIL FUEL INDUSTRY OR ANY  SUBSIDIARY,  AFFILIATE  OR  PARENT  OF  ANY
CORPORATION  OR  COMPANY  AMONG  THE TWO HUNDRED LARGEST PUBLICLY TRADED
FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON IN THE COMPANIES' PROVEN
OIL, GAS AND COAL RESERVES. EXCEPT AS PROVIDED IN PARAGRAPH (B) OF  THIS
SUBDIVISION,  THE  TRUSTEES  OF ANY SUCH FUNDS SHALL, IN ACCORDANCE WITH
SOUND INVESTMENT CRITERIA AND  CONSISTENT  WITH  THE  BOARD'S  FIDUCIARY
OBLIGATIONS, DIVEST ANY SUCH STOCKS OR OTHER SECURITIES WHETHER THEY ARE
OWNED  DIRECTLY  OR  HELD  THROUGH  SEPARATE  ACCOUNTS OR ANY COMMINGLED
FUNDS. DIVESTMENT PURSUANT TO THIS SUBSECTION MUST BE COMPLETE BY  JANU-
ARY FIRST, TWO THOUSAND EIGHTEEN.
  (B)  SHORT-TERM  INVESTMENT  FUNDS  THAT COMMINGLE COMMERCIAL PAPER OR
FUTURES SHALL BE EXEMPT FROM THE RESTRICTIONS IMPOSED PURSUANT TO  PARA-
GRAPH (A) OF THIS SUBDIVISION.
  S 2. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11177-01-5

Co-Sponsors

view additional co-sponsors

A8011A (ACTIVE) - Details

See Senate Version of this Bill:
S5873
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in Other Legislative Sessions:
2017-2018: A3712, S4596
2019-2020: A1536, S2126

A8011A (ACTIVE) - Summary

Relates to limitations on investments of public pension funds.

A8011A (ACTIVE) - Bill Text download pdf

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

                                 8011--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 4, 2015
                               ___________

Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
  on Governmental  Employees  --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11177-02-5

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