assembly Bill A3712A

2017-2018 Legislative Session

Relates to limitations on investments of public pension funds

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Sponsored By

Current 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 (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 15, 2018 held for consideration in governmental employees
Jan 25, 2018 print number 3712a
Jan 25, 2018 amend and recommit to governmental employees
Jan 03, 2018 referred to governmental employees
Jan 30, 2017 referred to governmental employees

Co-Sponsors

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Multi-Sponsors

A3712 - Details

See Senate Version of this Bill:
S4596A
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in 2015-2016 Legislative Session:
A8011A, S5873

A3712 - Summary

Relates to limitations on investments of public pension funds.

A3712 - Bill Text download pdf

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

                                  3712

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2017
                               ___________

Introduced  by  M.  of A. ORTIZ, MOSLEY, FAHY, SIMON, THIELE, GOTTFRIED,
  SEAWRIGHT, O'DONNELL, STECK, ENGLEBRIGHT -- read once and referred  to
  the Committee on Governmental Employees

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.
                                                           LBD05953-01-7

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A3712A (ACTIVE) - Details

See Senate Version of this Bill:
S4596A
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in 2015-2016 Legislative Session:
A8011A, S5873

A3712A (ACTIVE) - Summary

Relates to limitations on investments of public pension funds.

A3712A (ACTIVE) - Bill Text download pdf

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

                                 3712--A

                       2017-2018 Regular Sessions

                          I N  A S S E M B L Y

                            January 30, 2017
                               ___________

Introduced  by  M.  of A. ORTIZ, MOSLEY, FAHY, SIMON, THIELE, GOTTFRIED,
  SEAWRIGHT, O'DONNELL,  STECK,  ENGLEBRIGHT,  HARRIS,  CARROLL,  GLICK,
  COLTON,  BLAKE,  NIOU,  JAFFEE,  RIVERA, DAVILA, RODRIGUEZ, ZEBROWSKI,
  BARRON -- Multi-Sponsored by --  M.  of  A.  COOK  --  read  once  and
  referred  to the Committee on Governmental Employees -- recommitted to
  the Committee on Governmental Employees in  accordance  with  Assembly
  Rule  3,  sec.  2  --  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05953-03-8

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