senate Bill S9051

2021-2022 Legislative Session

Relates to investment of retirement funds

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 24, 2022 referred to governmental employees
delivered to assembly
passed senate
May 16, 2022 advanced to third reading
May 11, 2022 2nd report cal.
May 10, 2022 1st report cal.1261
May 05, 2022 referred to civil service and pensions

Votes

view votes

May 9, 2022 - Civil Service and Pensions committee Vote

S9051
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Civil Service and Pensions committee vote details

Civil Service and Pensions Committee Vote: May 9, 2022

Co-Sponsors

S9051 (ACTIVE) - Details

Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §177, R & SS L

S9051 (ACTIVE) - Summary

Permits investment of retirement funds in mortgages guaranteed by New York state homes and community renewal.

S9051 (ACTIVE) - Sponsor Memo

S9051 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9051
 
                             I N  S E N A T E
 
                                May 5, 2022
                                ___________
 
 Introduced  by  Sen. JACKSON -- (at request of the State Comptroller) --
   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 in certain guaranteed mortgages
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 3 of section 177 of the retirement and social
 security law, as added by chapter 817 of the laws of 1960, is amended to
 read as follows:
   3. Conventional mortgages guaranteed by a state bank or trust  company
 having  a net worth in excess of five hundred million dollars OR GUARAN-
 TEED BY NEW YORK STATE HOMES AND COMMUNITY RENEWAL, ANY SUCCESSOR THERE-
 TO, OR ANY AGENCY THEREOF, provided, however, that not more than ten per
 centum of the assets of any fund shall be invested in any such  mortgage
 so guaranteed.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15430-01-2


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