S T A T E O F N E W Y O R K
________________________________________________________________________
9547
I N A S S E M B L Y
January 23, 2018
___________
Introduced by M. of A. TITONE -- read once and referred to the Committee
on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
prohibiting the investment of public funds in companies with mandatory
arbitration and non-disclosure agreements
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The retirement and social security law is amended by adding
a new section 423-d to read as follows:
§ 423-D. INVESTMENT OF PUBLIC FUNDS IN COMPANIES WITH MANDATORY ARBI-
TRATION AGREEMENTS. 1. ON AND AFTER THE EFFECTIVE DATE OF THIS SECTION,
NO MONEYS OR ASSETS OF THE COMMON RETIREMENT FUND SHALL BE INVESTED IN
THE STOCKS, SECURITIES OR OTHER OBLIGATIONS OF ANY INSTITUTION OR COMPA-
NY THAT ENTERS INTO ANY AGREEMENT WITH ANY OF ITS EMPLOYEES OR INDEPEND-
ENT CONTRACTORS THAT REQUIRES, AS A CONDITION OF EMPLOYMENT, THAT THE
EMPLOYEE OR INDEPENDENT CONTRACTOR AGREE TO RESOLVE THROUGH ARBITRATION
ANY CLAIM UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, ARTICLE 15 OF
THE EXECUTIVE LAW, THE CIVIL RIGHTS LAW, OR ANY TORT RELATED TO OR ARIS-
ING OUT OF SEXUAL ASSAULT OR HARASSMENT, INCLUDING BUT NOT LIMITED TO
ASSAULT, INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS, FALSE IMPRISON-
MENT, OR NEGLIGENT HIRING, SUPERVISION, OR RETENTION, AND/OR REQUIRES,
AS A CONDITION OF EMPLOYMENT, THAT THE EMPLOYEE OR INDEPENDENT CONTRAC-
TOR AGREES TO NON-DISCLOSURE OF ANY RESULTING SETTLEMENTS.
2. THE COMPTROLLER SHALL TAKE APPROPRIATE ACTION TO SELL, REDEEM,
DIVEST OR WITHDRAW ANY INVESTMENT HELD IN VIOLATION OF THE PROVISIONS OF
SUBDIVISION ONE OF THIS SECTION. THIS SECTION SHALL NOT BE CONSTRUED TO
REQUIRE THE PREMATURE OR OTHERWISE IMPRUDENT SALE, REDEMPTION, DIVEST-
MENT OR WITHDRAWAL OF AN INVESTMENT, BUT SUCH SALE, REDEMPTION, DIVEST-
MENT OR WITHDRAWAL SHALL BE COMPLETED NOT LATER THAN THREE YEARS FOLLOW-
ING THE EFFECTIVE DATE OF THIS SECTION.
3. WITHIN SIXTY DAYS AFTER THE EFFECTIVE DATE OF THIS SECTION, THE
COMPTROLLER SHALL FILE WITH THE LEGISLATURE A REPORT OF ALL INVESTMENTS
HELD AS OF THE EFFECTIVE DATE OF THIS SECTION WHICH ARE IN VIOLATION OF
THE PROVISIONS OF THIS SECTION. EVERY YEAR THEREAFTER, THE COMPTROLLER
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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