senate Bill S2126

2019-2020 Legislative Session

Relates to limitations on investments of public pension funds in fossil fuel companies

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Civil Service And Pensions Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 22, 2019 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

view additional co-sponsors

S2126 (ACTIVE) - Details

See Assembly Version of this Bill:
A1536
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
2017-2018: S4596, A3712

S2126 (ACTIVE) - Summary

Limits investments of public pension funds in fossil fuel companies.

S2126 (ACTIVE) - Sponsor Memo

S2126 (ACTIVE) - Bill Text download pdf


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

                                  2126

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced by Sens. KRUEGER, ADDABBO, BAILEY, BRESLIN, BROOKS, CARLUCCI,
  COMRIE,  HOYLMAN, MONTGOMERY, PARKER, RIVERA, SANDERS, SERRANO, STAVI-
  SKY -- read twice and ordered printed, and when printed to be  commit-
  ted 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.

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