|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 03, 2018||referred to civil service and pensions|
senate Bill S7194
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
There is no reason a progressive state like New York should be benefiting from mass incarceration.
S7194 - Details
- See Assembly Version of this Bill:
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Add §423-d, R & SS L
S7194 - Sponsor Memo
BILL NUMBER: S7194 TITLE OF BILL : An act to amend the retirement and social security law, in relation to prohibiting the investment of common retirement funds in private prisons PURPOSE : To require the Common Retirement Fund to divest from any active or passive investments in private prisons SUMMARY OF PROVISIONS : Section one of this bill amends the retirement and social security law by adding a new subdivision 43-d, which would prohibit the Common Retirement Fund from investing in any company that owns or invests in a for-profit institution that owns or contracts with a government to manage or run a prison. No later than one year after the effective date, the Comptroller would be required to divest all assets held by the Common Retirement Fund that otherwise violate the above provision. Provided, however, that the Comptroller determine what date sale will be effectuated within the one year time frame on the basis of ensuring that sale of such assets is not effectuated at a loss compared to value of the assets on the date of purchase. The Comptroller shall be required to report to the Legislature progress in divesting from such investments and reasons, if applicable, why sale has not occurred
S7194 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7194 I N S E N A T E (PREFILED) January 3, 2018 ___________ Introduced by Sen. BENJAMIN -- 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 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: S 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.