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Senate Bill S6522

2025-2026 Legislative Session

Relates to disclosing certain investment managers and investments

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Current Bill Status - In Senate Committee Civil Service And Pensions Committee

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2025-S6522 (ACTIVE) - Details

Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in Other Legislative Sessions:
2021-2022: S9160
2023-2024: S1912

2025-S6522 (ACTIVE) - Summary

Allows any enrollee of the New York State common retirement fund to request a list of investment managers on contract with the office of state comptroller to make investment contracts for the office of state comptroller division of pensions, investment, and cash management and the contents of any contracts and opportunistic investment contracts made by such investment manager.

2025-S6522 (ACTIVE) - Sponsor Memo

2025-S6522 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6522
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 17, 2025
                                ___________
 
 Introduced  by  Sen.  CLEARE -- 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
   disclosing certain investment managers and investments
 
   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.  1. a. 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  authorized  by
 law  for each retirement system and shall hold such investments in [his]
 THEIR 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  speci-
 fied  in  [paragraph] SUBDIVISION two of section four hundred twenty-two
 of this article.
   b. 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] SUCH
 COMPTROLLER'S 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10989-01-5
 S. 6522                             2

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