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Assembly Bill A11078

2025-2026 Legislative Session

Prohibits investment managers from assisting in investing moneys belonging to retirement system

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Current Bill Status - In Assembly Committee

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2025-A11078 (ACTIVE) - Details

Current Committee:
Assembly Governmental Employees
Law Section:
Education Law
Laws Affected:
Amd §508, Ed L

2025-A11078 (ACTIVE) - Summary

Prohibits investment managers from assisting in investing moneys belonging to retirement systems; defines who qualifies as an investment manager.

2025-A11078 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11078
 
                           I N  A S S E M B L Y
 
                              April 24, 2026
                                ___________
 
 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
   tee on Governmental Employees
 
 AN  ACT  to  amend  the  education  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.  Subdivision  18  of  section 508 of the education law, as
 added by chapter 779 of the laws of 1982, is amended to read as follows:
   18. [Notwithstanding any other provision of  this  section,  the]  (A)
 BEGINNING  ON THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOU-
 SAND TWENTY-SIX WHICH AMENDED THIS  SUBDIVISION,  THE  retirement  board
 shall  [have  the  power  to delegate to one or more] BE PROHIBITED FROM
 ENTERING INTO ANY CONTRACT TO ENGAGE, HIRE, INVEST WITH OR COMMIT TO  AN
 investment  [managers  its authority] MANAGER to invest moneys belonging
 to the retirement system, OTHER THAN REAL PROPERTY, BY  THE  FUND.  [The
 term "investment managers" as used in this subdivision shall include but
 not  be  limited  to  independent contractors selected by the retirement
 board.]
   (B) BEGINNING ON THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF  TWO
 THOUSAND  TWENTY-SIX  WHICH AMENDED 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.
   (C) 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.
                                                            LBD15446-01-6

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