Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 20, 2024 |
referred to governmental employees |
Assembly Bill A10636
2023-2024 Legislative Session
Sponsored By
RAJKUMAR
Current 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
2023-A10636 (ACTIVE) - Details
- Current Committee:
- Assembly Governmental Employees
- Law Section:
- Retirement and Social Security Law
- Laws Affected:
- Amd §424-a, R & SS L
2023-A10636 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10636 I N A S S E M B L Y June 20, 2024 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rajkumar) -- read once and referred to the Committee on Governmental Employees AN ACT to amend the retirement and social security law, in relation to prohibiting investing in the common retirement fund using investment managers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 424-a of the retirement and social security law, as added by chapter 203 of the laws of 2018, is amended to read as follows: § 424-a. Use of [placement agents or intermediaries] INVESTMENT MANAG- ERS prohibited. 1. [The] (A) BEGINNING ON THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-FOUR WHICH AMENDED THIS SUBDIVISION, THE fund shall not ENTER INTO ANY CONTRACT TO engage, hire, invest with or commit to an investment manager [that is using the services of a placement agent or intermediary] to assist [such invest- ment manager] in obtaining investments, OTHER THAN REAL PROPERTY, by the fund [nor shall the fund engage, hire, invest with or commit to an investment manager without obtaining from such investment manager a certification in the form and manner prescribed by the fund stating that such investment manager has not used the services of a placement agent or other intermediary to assist such investment manager in obtaining investments by the fund]. (B) BEGINNING ON THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-FOUR WHICH AMENDED THIS SUBDIVISION, THE FUND SHALL NOT RENEW ANY EXISTING CONTRACTS TO ENGAGE, HIRE, INVEST WITH OR COMMIT TO AN INVESTMENT MANAGER TO ASSIST IN OBTAINING INVESTMENTS BY THE FUND. 2. For the purposes of this section[: (a)], "investment manager" shall mean any person, other than an employee of the comptroller, or entity engaged by the common retirement fund to manage a part or all of an investment portfolio of the fund, OTHER THAN REAL PROPERTY OWNED BY THE FUND. "Manage" shall include, but is not limited to, the analysis of portfolio holdings, and the purchase, sale, and lending thereof. Any investment made by the fund pursuant to subdivision seven of section one hundred seventy-seven of this chapter EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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