senate Bill S8532A

2021-2022 Legislative Session

Relates to investments by public pension funds

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Current Bill Status - Passed Senate & Assembly


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
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

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 Finance 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)

S8532 - Details

See Assembly Version of this Bill:
A9668
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L

S8532 - Summary

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

S8532 - Sponsor Memo

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.

S8532A (ACTIVE) - Details

See Assembly Version of this Bill:
A9668
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L

S8532A (ACTIVE) - Summary

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

S8532A (ACTIVE) - Sponsor Memo

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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