Assembly Bill A881

2023-2024 Legislative Session

Provides for limitations on investments of public pension funds and state contracts

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • 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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2023-A881 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, add §423-d, R & SS L; add §139-m, St Fin L
Versions Introduced in 2021-2022 Legislative Session:
A8271

2023-A881 (ACTIVE) - Summary

Provides for limitations on investments of public pension funds and state contracts; prohibits the investment of the available monies of the common retirement fund in any stocks, securities, equities, assets or other obligations of any corporation or company, or any subsidiary, affiliate or parent of any corporation or company, engaged in the boycott of Israel, including Iran-restricted companies and Sudan-restricted companies; prohibits any firm, partnership or corporation that boycotts Israel, that is an Iran-restricted company or that is a Sudan-restricted company from contracting with the state.

2023-A881 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    881
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 11, 2023
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Governmental Employees
 
 AN  ACT  to  amend  the retirement and social security law and the state
   finance law, in relation  to  limitations  on  investments  of  public
   pension funds and state contracts

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 423 of the retirement and social security  law,  as
 amended  by  chapter  770  of  the  laws  of 1970, is amended to read as
 follows:
   § 423. Investments.   [a.] 1.  On  and  after  April  first,  nineteen
 hundred  sixty-seven,  the comptroller shall invest the available monies
 of the common retirement fund in any investments and securities  author-
 ized  by  law for each retirement system and shall hold such investments
 in his OR HER name as trustee of such fund,  notwithstanding  any  other
 provision  of  this chapter. Participating interests in such investments
 shall be credited to each retirement system in the  manner  and  at  the
 time  specified  in  [paragraph] SUBDIVISION two of section four hundred
 twenty-two of this article.
   [b.] 2. (A) To assist in the management of the monies  of  the  common
 retirement  fund,  the  comptroller shall appoint an investment advisory
 committee consisting of not less than seven members who shall serve  for
 his OR HER term of office. A vacancy occurring from any cause other than
 expiration  of term shall be filled by the comptroller for the remainder
 of the term. Each member of the committee shall be  experienced  in  the
 field  of  investments  and shall have served, or shall be serving, as a
 senior officer or member of the board of an insurance  company,  banking
 corporation  or other financial or investment organization authorized to
 do business in the state of New York. The  committee  shall  advise  the
 comptroller  on investment policies relating to the monies of the common
 retirement fund and shall review, from  time  to  time,  the  investment
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01182-01-3
              

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