Senate Bill S4596

2017-2018 Legislative Session

Relates to limitations on investments of public pension funds

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2017-S4596 - Details

See Assembly Version of this Bill:
A3712
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5873, A8011
2019-2020: S2126, A1536

2017-S4596 - Summary

Relates to limitations on investments of public pension funds.

2017-S4596 - Sponsor Memo

2017-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".
   § 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:
   §  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.
              

co-Sponsors

2017-S4596A (ACTIVE) - Details

See Assembly Version of this Bill:
A3712
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5873, A8011
2019-2020: S2126, A1536

2017-S4596A (ACTIVE) - Summary

Relates to limitations on investments of public pension funds.

2017-S4596A (ACTIVE) - Sponsor Memo

2017-S4596A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4596--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 21, 2017
                                ___________
 
 Introduced  by  Sens. KRUEGER, ADDABBO, ALCANTARA, AVELLA, BAILEY, BRES-
   LIN, CARLUCCI, COMRIE, DILAN, HAMILTON, HOYLMAN,  MONTGOMERY,  PARKER,
   PERALTA,  SANDERS,  SAVINO, SERRANO -- read twice and ordered printed,
   and when printed to be committed to the Committee on Civil Service and
   Pensions -- recommitted to the Committee on Civil Service and Pensions
   in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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".
   § 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:
   § 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.
              

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