Assembly Bill A11109

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11109
 
                           I N  A S S E M B L Y
 
                              April 24, 2026
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Governmental Employees
 
 AN ACT to amend the education law, in relation to changing the due  date
   by which the New York State teachers' retirement system is required to
   submit the annual MWBE report
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph b of subdivision 2 of section 508-a of the educa-
 tion law, as added by chapter 171 of the laws of  2010,  is  amended  to
 read as follows:
   b.  [within  sixty  days  of the end of each fiscal year] ON OR BEFORE
 DECEMBER THIRTY-FIRST AFTER THE  TEACHERS'  RETIREMENT  SYSTEM'S  FISCAL
 YEAR  END,  following the effective date of this section, the retirement
 board shall report to the governor, legislature and the chief  diversity
 officer  of  the  state  of  New York on the participation of MWBE asset
 managers, MWBE financial  institutions  and  MWBE  professional  service
 providers  in investment and brokerage transactions with or as providers
 of services for the teachers' retirement system, including a comparative
 analysis of such activity relative  to  such  activity  with  all  asset
 managers,  financial institutions and professional service providers for
 the relevant period and on the  progress  and  success  of  the  efforts
 undertaken  during  such  period  to achieve the goals of such strategy.
 Each report shall be simultaneously published  on  the  website  of  the
 teachers'  retirement  system for not less than sixty days following its
 release to the governor and the other recipients named above;
   § 2. This act shall take effect immediately and shall  be  implemented
 with  the  next submission of the teachers' retirement system retirement
 board's MWBE report.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   Bill Description:
   This fiscal note is prepared for System Bill #26-1.  This  bill  would
 amend  subdivision  2(b) of section 508-a of the Education Law to change
 the due date for the New York State Teachers' Retirement System's annual
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13243-03-6
              

 A. 11109                            2
 
 MWBE report to the December 31st following fiscal year end. Current  law
 requires submission within sixty days of fiscal year end.
   Cost:
   There  would be no cost to the participating employers of the New York
 State Teachers' Retirement if this bill is enacted.  There  would  be  a
 reduction in administrative costs as it would eliminate the need for the
 preparation  of  both  a preliminary draft report with estimated figures
 and a final report later in the year.
   Data:
   Member data as of June 30, 2025, prepared for the most recent actuari-
 al valuation is used in determining costs. The most recent data distrib-
 utions and statistics can be found in the System's Annual Report for the
 fiscal year ended June 30, 2025. System assets are as  reported  in  the
 System's financial statements which can be found, in the System's Annual
 Report.  This data can also be found in the System's Actuarial Valuation
 Report as of June 30, 2025.
   Methods and Assumptions:
   A summary of actuarial assumptions and methods will be provided in the
 System's Actuarial Valuation Report as of June 30, 2025. Further details
 can be found in the Recommended Actuarial Assumptions 2025 Report.
   Actuarial Certification:
   We, the undersigned actuaries for the New York State Teachers' Retire-
 ment System, certify the following:
   1. The actuarial assumptions, methods, and data used for the  purposes
 of  this  fiscal  note  are reasonable, internally consistent and are in
 accordance with standards of practice prescribed by the Actuarial Stand-
 ards Board and generally accepted actuarial principles and procedures.
   2. We relied on member data supplied by the participating employers of
 the New York State Teachers' Retirement System and assets as supplied in
 the annual financial statements by NYSTRS' Finance Department.
   3. Results were prepared based on our  current  understanding  of  the
 bill  as  of the date of this fiscal note. If the language or our under-
 standing of the bill changes, the results could change and  require  the
 issuance  of  a new fiscal note. The next annual update of the actuarial
 valuation could also produce different results. Results  should  not  be
 relied upon for any other purpose.
   4.  This  fiscal  note  was prepared in accordance with New York State
 Retirement and Social Security Law, New York State Education Law, appli-
 cable Internal Revenue Code, and accepted actuarial standards  of  prac-
 tice  as  of  the  date  of  this fiscal note. This fiscal note does not
 constitute  a  legal  opinion  on  the  viability  of  this  legislative
 proposal.
   5. We are members of the American Academy of Actuaries and the Society
 of  Actuaries,  and  we meet the Qualification Standards of the American
 Academy of Actuaries to render the actuarial opinion  contained  herein.
 We  are currently compliant with the Continuing Professional Development
 Requirement of the Society of Actuaries.
   Fiscal Note Identification:
   This Fiscal Note numbered 2026-1 and dated  September  30,  2025,  was
 prepared  by  the  Office of the Actuary of the New York State Teachers'
 Retirement System and is intended for use only during the 2026  Legisla-
 tive Session.