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Assembly Bill A10882

2025-2026 Legislative Session

Prohibits the use of investment managers in the New York state and local police and fire retirement system

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Current Bill Status - In Assembly Committee

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2025-A10882 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §313, R & SS L

2025-A10882 (ACTIVE) - Summary

Prohibits the use of investment managers in the New York state and local police and fire retirement system; defines who qualifies as an investment manager.

2025-A10882 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10882
 
                           I N  A S S E M B L Y
 
                               April 8, 2026
                                ___________
 
 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  to amend the retirement and social security law, in relation to
   prohibiting fund managers in certain retirement systems
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Section  313 of the retirement and social security law is
 amended by adding a new subdivision k to read as follows:
   K. (1) BEGINNING ON THE EFFECTIVE DATE OF THE CHAPTER OF THE  LAWS  OF
 TWO THOUSAND TWENTY-SIX WHICH ADDED THIS SUBDIVISION, THE FUND SHALL NOT
 ENTER  INTO  ANY  CONTRACT  TO ENGAGE, HIRE, INVEST WITH OR COMMIT TO AN
 INVESTMENT MANAGER TO ASSIST IN OBTAINING INVESTMENTS, OTHER  THAN  REAL
 PROPERTY, BY THE FUND.
   (2)  BEGINNING ON THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO
 THOUSAND TWENTY-SIX WHICH ADDED THIS SUBDIVISION,  THE  FUND  SHALL  NOT
 RENEW  ANY  EXISTING CONTRACTS TO ENGAGE, HIRE, INVEST WITH OR COMMIT TO
 AN INVESTMENT MANAGER TO ASSIST IN OBTAINING INVESTMENTS BY THE FUND.
   (3) FOR THE PURPOSES OF THIS SUBDIVISION:
   (I) "INVESTMENT MANAGER" SHALL MEAN ANY PERSON, OTHER THAN AN EMPLOYEE
 OF THE COMPTROLLER, OR ENTITY ENGAGED BY THE COMMON RETIREMENT  FUND  TO
 MANAGE  A PART OR ALL OF AN INVESTMENT PORTFOLIO OF THE FUND, OTHER THAN
 REAL PROPERTY OWNED BY THE FUND.
   (II) "MANAGE" SHALL INCLUDE, BUT IS NOT LIMITED TO,  THE  ANALYSIS  OF
 PORTFOLIO HOLDINGS, AND THE PURCHASE, SALE, AND LENDING THEREOF.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15431-01-6

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