S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9948
 
                           I N  A S S E M B L Y
 
                              April 19, 2022
                                ___________
 
 Introduced by M. of A. KIM -- read once and referred to the Committee on
   Governmental Employees
 
 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
 name  as  trustee  of  such fund, notwithstanding any other provision of
 this chapter. Participating interests in such investments shall be cred-
 ited to each retirement system in the manner and at the  time  specified
 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  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 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
 retirement  fund  and  shall  review,  from time to time, the investment
 portfolio of the fund and make such recommendations  as  may  be  deemed
 necessary.
   2.  The comptroller shall appoint a separate mortgage advisory commit-
 tee, with the advice and consent of the investment  advisory  committee,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15347-03-2
 A. 9948                             2
 
 to  review  proposed  mortgage and real estate investments by the common
 retirement fund. In making investments, as authorized by law, the  comp-
 troller  shall  be guided by policies established by each committee from
 time  to  time; and, in the event the mortgage advisory committee disap-
 proves a proposed mortgage or real estate investment, such shall not  be
 made.
   3.  No  officer or employee of any state department or agency shall be
 eligible for  membership  on  either  committee.  Each  committee  shall
 convene  periodically  on  call  of  the  comptroller, or on call of the
 chairman. The members of each committee shall be entitled to  reimburse-
 ment  for  their  actual  and  necessary  expenses  but shall receive no
 compensation for their services.
   4. A. ANY INVESTMENT MANAGER ON CONTRACT  WITH  THE  OFFICE  OF  STATE
 COMPTROLLER  TO  MAKE INVESTMENT CONTRACTS FOR THE OFFICE OF STATE COMP-
 TROLLER DIVISION OF PENSIONS, INVESTMENT, AND CASH MANAGEMENT  SHALL  BE
 DISCLOSED  TO  ANY ENROLLEE OF THE NEW YORK STATE COMMON RETIREMENT FUND
 UPON REQUEST.
   B. THE CONTENTS OF INVESTMENT CONTRACTS FOR THE OFFICE OF STATE  COMP-
 TROLLER  DIVISION  OF  PENSIONS, INVESTMENT, AND CASH MANAGEMENT AND THE
 CONTENTS OF OPPORTUNISTIC INVESTMENT CONTRACTS SHALL BE DISCLOSED TO ANY
 ENROLLEE OF THE NEW YORK STATE COMMON RETIREMENT FUND UPON REQUEST.
   C. FOR THE  PURPOSES  OF  THIS  SUBDIVISION  THE  TERM  "OPPORTUNISTIC
 INVESTMENT"  SHALL  MEAN  ANY  ONE-OFF  INVESTMENT THAT IS BROUGHT BY AN
 INVESTMENT MANAGER AND CAN  ONLY  BE  SOURCED  THROUGH  SUCH  INVESTMENT
 MANAGER  AND  SHALL  INCLUDE  PRIVATE EQUITY FUNDS, HEDGE FUNDS AND REAL
 ESTATE FUNDS. SUCH INVESTMENTS MAY BE AVAILABLE  ONLY  FOR  A  SET  TIME
 PERIOD  DETERMINED  BY  THE  INVESTMENT  MANAGER AND AT A SET PRICE ALSO
 DETERMINED BY THE INVESTMENT MANAGER. OPPORTUNISTIC INVESTMENTS MAY ALSO
 INCLUDE PUBLIC MARKET PRODUCTS AND NICHE STRATEGIES.
   § 2. This act shall take effect on the sixtieth  day  after  it  shall
 have become a law.