assembly Bill A9668A

Signed By Governor
2021-2022 Legislative Session

Relates to investments by public pension funds

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S8532 - Signed by Governor


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

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Dec 23, 2022 signed chap.775
Dec 12, 2022 delivered to governor
May 31, 2022 returned to senate
passed assembly
May 24, 2022 ordered to third reading rules cal.354
substituted for a9668a
May 24, 2022 substituted by s8532a
May 23, 2022 ordered to third reading rules cal.354
rules report cal.354
reported
May 18, 2022 reported referred to rules
May 17, 2022 reported referred to ways and means
Apr 29, 2022 print number 9668a
Apr 29, 2022 amend and recommit to governmental employees
Mar 28, 2022 referred to governmental employees

Votes

view votes

May 10, 2022 - Finance committee Vote

S8532A
21
0
committee
21
Aye
0
Nay
1
Aye with Reservations
1
Absent
0
Excused
0
Abstained
show committee vote details

Apr 26, 2022 - Civil Service and Pensions committee Vote

S8532
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: Apr 26, 2022

aye wr (1)

A9668 - Details

See Senate Version of this Bill:
S8532
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L

A9668 - Summary

Increases the limits on certain types of investments by public pension funds.

A9668 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9668
 
                           I N  A S S E M B L Y
 
                              March 28, 2022
                                ___________
 
 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
   investments by public pension funds
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subdivision 8 and paragraph (a) of subdivision 9 of section
 177  of the retirement and social security law, subdivision 8 as amended
 by chapter 594 of the laws of 1993, and paragraph (a) of  subdivision  9
 as  amended  by  chapter  22 of the laws of 2006, are 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.
   (a) the investments by a fund made pursuant to this subdivision  shall
 not  at  any  time  exceed  [twenty-five]  THIRTY-FIVE per centum of the
 assets of such fund;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

Co-Sponsors

A9668A (ACTIVE) - Details

See Senate Version of this Bill:
S8532
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L

A9668A (ACTIVE) - Summary

Increases the limits on certain types of investments by public pension funds.

A9668A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9668--A
 
                           I N  A S S E M B L Y
 
                              March 28, 2022
                                ___________
 
 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
   investments by public pension funds
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph (a) of  subdivision  9  of  section  177  of  the
 retirement and social security law, as amended by chapter 22 of the laws
 of 2006, is amended to read as follows:
   (a)  the investments by a fund made pursuant to this subdivision shall
 not at any time exceed  [twenty-five]  THIRTY-FIVE  per  centum  of  the
 assets of such fund;
   § 2. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would amend subdivision 9 of Section 177 of the Retirement
 and Social Security Law to increase to  35%  the  percentage  of  assets
 which  may be invested by the New York State Teachers' Retirement System
 in those investments that aren't otherwise specifically permitted  under
 the other subdivisions of this section. The current limit is 25%.
   If  this  bill  is  enacted,  any  cost or savings to the employers of
 members of the New York State Teachers' Retirement System  would  depend
 on  the  investment  performance  of  any  assets that are invested in a
 different manner due to this  change  in  the  investment  restrictions.
 Additional  investment  income  will  result  in lower required employer
 contributions, and vice-versa.
   Member data is from  the  System's  most  recent  actuarial  valuation
 files,  consisting  of  data provided by the employers to the Retirement
 System. Data distributions and statistics can be found in  the  System's
 Annual  Report.  System assets are as reported in the System's financial
 statements and can also be found in the System's Annual Report. Actuari-
 al assumptions and methods are provided in the System's Actuarial  Valu-
 ation Report and the 2021 Actuarial Assumptions Report.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14677-06-2