Senate Bill S9045

Signed By Governor
2021-2022 Legislative Session

Relates to investment standards for investments of the New York State college choice tuition savings program and the New York achieving a better life experience (ABLE) savings account program

download bill text pdf

Sponsored By

Archive: Last Bill Status Via A9281 - 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

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2021-S9045 (ACTIVE) - Details

See Assembly Version of this Bill:
A9281
Law Section:
State Finance Law
Laws Affected:
Amd §§78 & 99-x, St Fin L

2021-S9045 (ACTIVE) - Summary

Relates to investment standards for investments of the New York State college choice tuition savings program and the New York achieving a better life experience (ABLE) savings account program.

2021-S9045 (ACTIVE) - Sponsor Memo

2021-S9045 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9045
 
                             I N  S E N A T E
 
                                May 5, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- (at request of the State Comptroller) --
   read twice and ordered printed, and when printed to  be  committed  to
   the Committee on Finance
 
 AN  ACT  to  amend  the state finance law, in relation to the investment
   standard for investments of the New York state college choice  tuition
   savings  program  and  the New York achieving a better life experience
   (ABLE) savings account program
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph (a) of subdivision 3 of section 78 of the state
 finance law, as amended by chapter 328 of the laws of 2003,  is  amended
 to read as follows:
   (a)  The comptroller, as trustee, shall invest the assets of the trust
 fund [in investments authorized by article four-A of the retirement  and
 social security law, provided however, that:
   (i)  the provisions of paragraph (a) of subdivision two of section one
 hundred seventy-seven of the retirement and social  security  law  shall
 not apply except for the first clause of subparagraph (ii) of such para-
 graph; and
   (ii)  notwithstanding  the  provisions of subdivision seven of section
 one hundred seventy-seven of the retirement and social security  law  or
 any  other  law  to  the  contrary,  the assets of the trust fund may be
 invested in any funding agreement  issued  in  accordance  with  section
 three thousand two hundred twenty-two of the insurance law by a domestic
 life  insurance  company or a foreign life insurance company doing busi-
 ness in this state, subject to the following:
   (1) such a funding agreement may provide for a guaranteed minimum rate
 of return;
   (2) such a funding agreement may be allocated  as  either  a  separate
 account  or  a  general  account  of  the issuer, as the comptroller may
 decide;
   (3) total investments of the trust fund pursuant to this paragraph  in
 any  funding  agreements issued by a single life insurance company which

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10690-01-1
              

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