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 23, 2022 |
referred to ways and means delivered to assembly passed senate |
May 16, 2022 |
advanced to third reading |
May 11, 2022 |
2nd report cal. |
May 10, 2022 |
1st report cal.1228 |
Apr 28, 2022 |
print number 8532a |
Apr 28, 2022 |
amend and recommit to finance |
Apr 26, 2022 |
reported and committed to finance |
Mar 09, 2022 |
referred to civil service and pensions |
Senate Bill S8532A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D, WF) 31st Senate District
Archive: Last Bill Status - Signed by Governor
- 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
Votes
Bill Amendments
2021-S8532 - Details
- See Assembly Version of this Bill:
- A9668
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2021-S8532 - Sponsor Memo
BILL NUMBER: S8532 SPONSOR: JACKSON TITLE OF BILL: An act to amend the retirement and social security law, in relation to investments by public pension funds PURPOSE: The purpose of this legislation is to authorize pension funds to increase investments in certain equities and funds. SUMMARY OF PROVISIONS: Section 1 amends subdivision 8 and paragraph (a) of subdivision 9 of Section 177 of the Retirement and Social Security Law to increase investment amounts from 10% to 35% for funds invested in foreign equi- ties; and increases the fund's assets, in the aggregate, from 25% to 35% for investments not specifically permitted. Section 2 is the effective date.
2021-S8532 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8532 I N S E N A T E March 9, 2022 ___________ Introduced by Sen. JACKSON -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions 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.
2021-S8532A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A9668
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §177, R & SS L
2021-S8532A (ACTIVE) - Sponsor Memo
BILL NUMBER: S8532a SPONSOR: JACKSON TITLE OF BILL: An act to amend the retirement and social security law, in relation to investments by public pension funds PURPOSE: The purpose of this legislation is to increase the percentage of a pension fund's assets that may be allocated to investments authorized by subdivision 9 of Section 177 of the Retirement and Social Security Law. SUMMARY OF PROVISIONS: Section 1 amends paragraph (a) of subdivision 9 of Section 177 of the Retirement and Social Security Law to increase the percentage of a fund's assets that may be allocated to investments authorized by that subdivision from 25% to 35%. Section 2 is the effective date.
2021-S8532A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8532--A I N S E N A T E March 9, 2022 ___________ Introduced by Sen. JACKSON -- read twice and ordered printed, and when printed to be committed to the Committee on Civil Service and Pensions -- reported favorably from said committee and committed to the Commit- tee on Finance -- 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- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14677-05-2
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