senate Bill S5873

2015-2016 Legislative Session

Relates to limitations on investments of public pension funds

download bill text pdf

Sponsored By

Archive: Last Bill Status -


  • 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
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

Votes

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Apr 11, 2016 - Civil Service and Pensions committee Vote

S5873
2
3
committee
2
Aye
3
Nay
6
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: Apr 11, 2016

aye (2)
nay (3)

Co-Sponsors

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S5873 - Details

See Assembly Version of this Bill:
A8011A
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L

S5873 - Summary

Relates to limitations on investments of public pension funds.

S5873 - Sponsor Memo

S5873 - 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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