Allows any enrollee of the New York State common retirement fund to request a list of investment managers on contract with the office of state comptroller to make investment contracts for the office of state comptroller division of pensions, investment, and cash management and the contents of any contracts and opportunistic investment contracts made by such investment manager.
S T A T E O F N E W Y O R K
________________________________________________________________________
9948
I N A S S E M B L Y
April 19, 2022
___________
Introduced by M. of A. KIM -- read once and referred to the Committee on
Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
disclosing certain investment managers and investments
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. 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. 1. a. 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 authorized 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 cred-
ited to each retirement system in the manner and at the time specified
in [paragraph] SUBDIVISION two of section four hundred twenty-two of
this article.
b. 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 expiration 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-
troller on investment policies relating to the monies of the common
retirement fund and shall review, from time to time, the investment
portfolio of the fund and make such recommendations as may be deemed
necessary.
2. The comptroller shall appoint a separate mortgage advisory commit-
tee, with the advice and consent of the investment advisory committee,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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