Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2020 |
referred to governmental employees |
Jun 11, 2019 |
print number 7904a |
Jun 11, 2019 |
amend and recommit to governmental employees |
May 28, 2019 |
referred to governmental employees |
Assembly Bill A7904A
2019-2020 Legislative Session
Sponsored By
ABBATE
Archive: Last Bill Status - In Assembly 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
Actions
Bill Amendments
2019-A7904 - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2019-A7904 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7904 2019-2020 Regular Sessions I N A S S E M B L Y May 28, 2019 ___________ Introduced by M. of A. ABBATE -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to investment of moneys of retirement funds in foreign equity securities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 8 of section 177 of the retirement and social security law, as amended by chapter 594 of the laws of 1993, is amended to read as follows: 8. The trustees of a fund shall have the power to invest the moneys thereof in foreign equity securities provided that (a) any such equity security is registered on a national securities exchange, as provided in an act of congress of the United States, entitled the "Securities Exchange Act of 1934", approved June sixth, nineteen hundred thirty- four, as amended, or otherwise registered pursuant to said act and, if such equity security is so otherwise registered, price quotations there- for are furnished through a nationwide automated quotation system approved by the National Association of Securities Dealers, Inc. or is registered on a foreign exchange organized and regulated pursuant to the laws of the jurisdiction of such exchange and (b) the corporation has averaged at least one billion dollars in annual sales for the three consecutive years preceding the year in which the investment is made or has market capitalization of at least one billion dollars at the time the investment is made. Investments in such foreign equities shall be included together with a fund's investments in other equity securities for purposes of the percentage limitations set forth in the foregoing subdivisions of this section, and not more than [ten] THIRTY per centum of the assets of any fund shall be invested in the aggregate in such foreign equities. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11293-01-9
co-Sponsors
Charles Barron
2019-A7904A (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2019-A7904A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7904--A 2019-2020 Regular Sessions I N A S S E M B L Y May 28, 2019 ___________ Introduced by M. of A. ABBATE -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to investment of moneys of retirement funds in foreign equity securities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 8 of section 177 of the retirement and social security law, as amended by chapter 594 of the laws of 1993, is amended to read as follows: 8. The trustees of a fund shall have the power to invest the moneys thereof in foreign equity securities provided that (a) any such equity security is registered on a national securities exchange, as provided in an act of congress of the United States, entitled the "Securities Exchange Act of 1934", approved June sixth, nineteen hundred thirty- four, as amended, or otherwise registered pursuant to said act and, if such equity security is so otherwise registered, price quotations there- for are furnished through a nationwide automated quotation system approved by the National Association of Securities Dealers, Inc. or is registered on a foreign exchange organized and regulated pursuant to the laws of the jurisdiction of such exchange and (b) the corporation has averaged at least one billion dollars in annual sales for the three consecutive years preceding the year in which the investment is made or has market capitalization of at least one billion dollars at the time the investment is made. Investments in such foreign equities shall be included together with a fund's investments in other equity securities for purposes of the percentage limitations set forth in the foregoing subdivisions of this section, and not more than [ten] THIRTY per centum of the assets of any fund shall be invested in the aggregate in such foreign equities. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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