senate Bill S2126A

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 (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to civil service and pensions
Nov 22, 2019 print number 2126a
Nov 22, 2019 amend (t) and recommit to civil service and pensions
Jan 22, 2019 referred to civil service and pensions

Co-Sponsors

view additional co-sponsors

S2126 - Details

See Assembly Version of this Bill:
A1536
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Add §423-d, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5873, A8011
2017-2018: S4596, A3712

S2126 - Summary

Limits investments of public pension funds in fossil fuel companies.

S2126 - Sponsor Memo

S2126 - 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.

Sponsor's Position

Divestment is financially prudent, morally imperative, responsible policymaking, and the time for action is now.

Co-Sponsors

view additional co-sponsors

S2126A (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:
Add §423-d, R & SS L
Versions Introduced in Other Legislative Sessions:
2015-2016: S5873, A8011
2017-2018: S4596, A3712

S2126A (ACTIVE) - Summary

Limits investments of public pension funds in fossil fuel companies.

S2126A (ACTIVE) - Sponsor Memo

S2126A (ACTIVE) - Bill Text download pdf


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

                                 2126--A

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            January 22, 2019
                               ___________

Introduced  by  Sens. KRUEGER, ADDABBO, BAILEY, BIAGGI, BRESLIN, BROOKS,
  CARLUCCI, COMRIE, GIANARIS,  HARCKHAM,  HOYLMAN,  JACKSON,  LIU,  MAY,
  METZGER,  MONTGOMERY,  MYRIE, PARKER, PERSAUD, RAMOS, RIVERA, SALAZAR,
  SANDERS, SEPULVEDA, SERRANO, SKOUFIS, STAVISKY, THOMAS --  read  twice
  and ordered printed, and when printed to be committed to the Committee
  on  Civil  Service and Pensions -- 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
  limitations  on investments of public pension funds; and providing for
  the repeal of such provisions upon expiration thereof

  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. Legislative findings. 1. a. Climate change is a real and  serious
threat  to  the  health, welfare, and prosperity of all New Yorkers, now
and in the future. Maintaining the status  quo  of  fossil  fuel  energy
production will lead to catastrophic results.
  b.  The  United  Nations Intergovernmental Panel on Climate Change has
determined that in order to keep the increase in global average  temper-
ature  below  1.5  degrees Celsius, global greenhouse gas emissions must
decline by 45% by 2030, and reach net zero by 2050.
  c. As such, New York State has codified into law a goal of reaching  a
40%  economy-wide  greenhouse  gas  emissions reduction relative to 1990
levels by 2030, and net zero emissions by 2050.
  d. The threat of climate change and the transformation of  the  global
energy  system that will be necessary to mitigate it will have a serious
negative impact on investors whose assets are not  aligned  with  a  1.5
degree trajectory.
  2. a. Continued investment in fossil fuel producers poses unacceptable
risk to the long-term sustainability of the Common Retirement Fund.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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