Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jul 21, 2022 |
signed chap.414 |
Jul 11, 2022 |
delivered to governor |
May 25, 2022 |
returned to assembly passed senate 3rd reading cal.1394 substituted for s9045 |
May 25, 2022 |
substituted by a9281 |
May 16, 2022 |
ordered to third reading cal.1394 committee discharged and committed to rules |
May 05, 2022 |
referred to finance |
Senate Bill S9045
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) 50th Senate District
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
Actions
Votes
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) - Sponsor Memo
BILL NUMBER: S9045 SPONSOR: MANNION TITLE OF BILL: 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 PURPOSE: The purpose of this legislation is to bring the New York State college choice tuition savings program (NY 529) and the New York achieving a better life experience savings account program (NY ABLE) in line with investment standards of other states' programs throughout the country. SUMMARY OF PROVISIONS: Section 1 of this proposal amends section 78 of the state finance law. Section 2 of this proposal amends section 99-x of the state finance law.
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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