assembly Bill A9015

2017-2018 Legislative Session

Relates to prohibiting the investment of common retirement funds in private prisons

download bill text pdf

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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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 12, 2018 referred to governmental employees

Co-Sponsors

A9015 (ACTIVE) - Details

See Senate Version of this Bill:
S7194
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L

A9015 (ACTIVE) - Summary

Relates to prohibiting the investment of common retirement funds in stocks, securities or other obligations of any institution, company, or subsidiary that owns or invests in a for-profit institution that owns or contracts with a government to manage or run a prison.

A9015 (ACTIVE) - Bill Text download pdf


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

                                  9015

                          I N  A S S E M B L Y

                            January 12, 2018
                               ___________

Introduced  by  M.  of  A.  O'DONNELL  --  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 common retirement funds in private pris-
  ons

  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. INVESTMENTS IN PRIVATE PRISONS. 1. NO MONIES  OF  THE  COMMON
RETIREMENT  FUND  SHALL  BE INVESTED IN THE STOCKS, SECURITIES, OR OTHER
OBLIGATIONS OF ANY INSTITUTION, COMPANY,  OR  SUBSIDIARY  THAT  OWNS  OR
INVESTS  IN  A  FOR-PROFIT  INSTITUTION  THAT  OWNS  OR CONTRACTS WITH A
GOVERNMENT TO MANAGE OR RUN A PRISON.
  2. NOTWITHSTANDING ANY OTHER PROVISION OF  LAW  TO  THE  CONTRARY,  NO
LATER  THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS ACT, ANY MONEYS OR
ASSETS OF THE COMMON RETIREMENT FUND WHICH SHALL REMAIN OR  BE  INVESTED
IN  THE  STOCKS,  SECURITIES,  OR  OTHER OBLIGATIONS OF ANY INSTITUTION,
COMPANY, OR SUBSIDIARY OF A COMPANY THAT OWNS OR INVESTS IN A FOR-PROFIT
INSTITUTION THAT OWNS OR CONTRACTS WITH A GOVERNMENT TO MANAGE OR RUN  A
PRISON SHALL BE WITHDRAWN.
  3. THE COMPTROLLER SHALL, IN ACCORDANCE WITH SOUND INVESTMENT CRITERIA
AND  CONSISTENT  WITH  HIS OR HER FIDUCIARY OBLIGATIONS, DIVEST ANY SUCH
STOCKS, SECURITIES, OR OTHER OBLIGATIONS WHETHER THEY ARE OWNED DIRECTLY
OR HELD THROUGH SEPARATE ACCOUNTS OR ANY  COMMINGLED  FUNDS.  THE  COMP-
TROLLER  SHALL  STRIVE  TO  MAXIMIZE  THE  POTENTIAL VALUE OF ALL ASSETS
LIQUIDATED UNDER THIS SECTION IN DETERMINING WHAT POINT TO CONDUCT  SALE
OR  LIQUIDATION,  AND MAY EFFECTUATE SALE OF ASSETS PURSUANT TO SUBDIVI-
SION TWO OF THIS SECTION AT ANY POINT WITHIN ONE YEAR AFTER  THE  EFFEC-
TIVE  DATE  OF  THIS ACT ON THE BASIS OF POTENTIAL LOSS FROM THE SALE OF
THE RELEVANT ASSETS COMPARED TO THE VALUE OF THE ASSETS AT THE  TIME  OF
PURCHASE. PROVIDED, HOWEVER, THAT IF THE VALUE OF THE ASSETS ARE GREATER
ON  THE  EFFECTIVE  DATE  OF  THIS ACT THAN ON THE DATE OF PURCHASE, THE
COMPTROLLER SHALL BEGIN SALE OR LIQUIDATION OF SUCH ASSETS IMMEDIATELY.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets