Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jan 12, 2018 | referred to governmental employees |
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
Co-Sponsors
Luis R. Sepúlveda
Inez Barron
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) - 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OWNS OR INVESTS IN A FOR-PROFIT INSTITUTION THAT OWNS OR CONTRACTS WITH A GOVERNMENT TO MANAGE OR RUN A PRISON SHALL BE WITHDRAWN. 3.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