Senate Bill S9160

2021-2022 Legislative Session

Relates to disclosing certain investment managers and investments

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions 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

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2021-S9160 (ACTIVE) - Details

See Assembly Version of this Bill:
A9948
Current Committee:
Senate Civil Service And Pensions
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd §423, R & SS L
Versions Introduced in 2023-2024 Legislative Session:
S1912

2021-S9160 (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.

2021-S9160 (ACTIVE) - Sponsor Memo

2021-S9160 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9160
 
                             I N  S E N A T E
 
                               May 11, 2022
                                ___________
 
 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
 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.

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