Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to governmental employees |
Jun 23, 2015 |
print number 8011a |
Jun 23, 2015 |
amend (t) and recommit to governmental employees |
Jun 04, 2015 |
referred to governmental employees |
Assembly Bill A8011A
2015-2016 Legislative Session
Sponsored By
ORTIZ
Archive: Last 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
Actions
Bill Amendments
2015-A8011 - Details
2015-A8011 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8011 2015-2016 Regular Sessions I N A S S E M B L Y June 4, 2015 ___________ Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to prohibiting investments in companies in the fossil fuel industry by trustees of the pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The opening paragraph of section 178 of the retirement and social security law is designated subdivision 1 and a new subdivision 2 is added to read as follows: 2. (A) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, INCLUDING THE PROVISIONS OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, THE TRUS- TEE OR TRUSTEES OF A FUND SHALL NOT HAVE THE POWER TO INVEST IN ANY STOCKS OR OTHER SECURITIES OF ANY CORPORATION OR COMPANY WITHIN THE FOSSIL FUEL INDUSTRY OR ANY SUBSIDIARY, AFFILIATE OR PARENT OF ANY CORPORATION OR COMPANY AMONG THE TWO HUNDRED LARGEST PUBLICLY TRADED FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON IN THE COMPANIES' PROVEN OIL, GAS AND COAL RESERVES. EXCEPT AS PROVIDED IN PARAGRAPH (B) OF THIS SUBDIVISION, THE TRUSTEES OF ANY SUCH FUNDS SHALL, IN ACCORDANCE WITH SOUND INVESTMENT CRITERIA AND CONSISTENT WITH THE BOARD'S FIDUCIARY OBLIGATIONS, DIVEST ANY SUCH STOCKS OR OTHER SECURITIES WHETHER THEY ARE OWNED DIRECTLY OR HELD THROUGH SEPARATE ACCOUNTS OR ANY COMMINGLED FUNDS. DIVESTMENT PURSUANT TO THIS SUBSECTION MUST BE COMPLETE BY JANU- ARY FIRST, TWO THOUSAND EIGHTEEN. (B) SHORT-TERM INVESTMENT FUNDS THAT COMMINGLE COMMERCIAL PAPER OR FUTURES SHALL BE EXEMPT FROM THE RESTRICTIONS IMPOSED PURSUANT TO PARA- GRAPH (A) OF THIS SUBDIVISION. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11177-01-5
co-Sponsors
Walter T. Mosley
Patricia Fahy
Jo Anne Simon
Fred Thiele
2015-A8011A (ACTIVE) - Details
2015-A8011A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8011--A 2015-2016 Regular Sessions I N A S S E M B L Y June 4, 2015 ___________ Introduced by M. of A. ORTIZ -- read once and referred to the Committee on Governmental Employees -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the retirement and social security law, in relation to limitations on investments of public pension funds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. This act shall be known and may be cited as the "fossil fuel divestment act". S 2. 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: S 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 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.] 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 term of office. A vacancy occurring from any cause other than expi- ration 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 corpo- ration or other financial or investment organization authorized to do business in the state of New York. The committee shall advise the comp- troller on investment policies relating to the monies of the common EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11177-02-5
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