senate Bill S4596

2017-2018 Legislative Session

Relates to limitations on investments of public pension funds

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Sponsored By

Current Bill Status -


  • 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
Feb 21, 2017 referred to civil service and pensions

Sponsor's Position

Divestment is financially prudent, morally imperative, responsible policymaking, and the time for action is now.

Co-Sponsors

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S4596 - Details

See Assembly Version of this Bill:
A3712
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in 2015-2016 Legislative Session:
S5873, A8011A

S4596 - Summary

Relates to limitations on investments of public pension funds.

S4596 - Sponsor Memo

S4596 - Bill Text download pdf

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

                                  4596

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                            February 21, 2017
                               ___________

Introduced  by Sens. KRUEGER, ADDABBO, COMRIE, DILAN, HAMILTON, HOYLMAN,
  LATIMER, MONTGOMERY,  PARKER,  PERKINS,  SERRANO  --  read  twice  and
  ordered  printed, and when printed to be committed to the Committee on
  Civil Service and Pensions

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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD05953-01-7

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