|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 21, 2017||referred to civil service and pensions|
senate Bill S4596
Current Bill Status - In Senate Civil Service And Pensions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Divestment is financially prudent, morally imperative, responsible policymaking, and the time for action is now.
S4596 - Details
S4596 - Sponsor Memo
BILL NUMBER: S4596 TITLE OF BILL : An act to amend the retirement and social security law, in relation to limitations on investments of public pension funds PURPOSE : To direct the State Comptroller to divest the New York State Common Retirement Fund from companies engaged in the production of fossil fuels. SUMMARY OF PROVISIONS : Section 1: Names the bill. Section 3a: Amends the Retirement and Social Security Law to prohibit the State Comptroller from investing monies of the Common Retirement Fund in of the top 200 companies that hold the largest carbon content fossil fuel reserves. Divestment from coal companies must be completed within one year; divestment from all other fossil fuel companies must be completed by January 1, 2020. Section 3b: Permits the Comptroller to cease divestment or reinvest in previously divested companies if he/she can demonstrate that as a direct result of such divestment the Fund has become or shall become: (i) equal to or less than 99.5 per cent; or (ii) 100 per cent less 50
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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