§ 508-a. New York state teachers' retirement system MWBE asset
management and financial institution strategy. 1. Within the discretion
of the retirement board and in accordance with and subject to its
fiduciary duties and obligations as trustees of the teachers retirement
system and to the members, retirees and beneficiaries of such system and
such other investment limitations as may be prescribed by this chapter,
the retirement board is authorized to establish on MWBE asset management
and financial institution strategy pursuant to section four hundred
twenty-three-c of the retirement and social security law including
reasonable goals for utilization of MWBE asset managers, MWBE financial
institutions and MWBE financial and professional services firms, as such
terms are defined in section one hundred seventy-six of the retirement
and social security law which strategy shall include, but shall not be
limited to, the following objectives:

a. investing assets of the teachers' retirement system with MWBE asset
managers;

b. subject to best execution, (1) conducting trades of public equity
securities with MWBE financial institutions and (2) conducting trades of
fixed-income securities through MWBE financial institutions;

c. allocating investments of assets of the teacher's retirement system
either through (1) direct investments in the equities and debt
securities of MWBEs or (2) indirectly through special programs involving
MWBE asset managers; and

d. awarding contracts for accounting, banking, financial advisory,
insurance, legal, research, valuation and other financial and
professional services to MWBE financial institutions and other MWBE
professional services firms.

As used in this section, the terms "MWBE asset manager", "MWBE
financial institutions", "MWBE", "fidiuciary-controlled entities", and
"best execution" shall have the meanings specified in section one
hundred seventy-six of the retirement and social security law, and shall
be certified in a manner consistent with the provisions of subdivision
three of section four hundred twenty-three-c of the retirement and
social security law.

2. The retirement board is also authorized to:

a. periodically advertise the existence of such strategy so that MWBE
asset managers, MWBE financial institutions and other MWBE professional
service firms are made aware of the opportunities made available
pursuant to such strategy;

b. within sixty days of the end of each fiscal year following the
effective date of this section, the retirement board shall report to the
governor, legislature and the chief diversity officer of the state of
New York on the participation of MWBE asset managers, MWBE financial
institutions and MWBE professional service providers in investment and
brokerage transactions with or as providers of services for the
teachers' retirement system, including a comparative analysis of such
activity relative to such activity with all asset managers, financial
institutions and professional service providers for the relevant period
and on the progress and success of the efforts undertaken during such
period to achieve the goals of such strategy. Each report shall be
simultaneously published on the website of the teachers' retirement
system for not less than sixty days following its release to the
governor and the other recipients named above;

c. work with the other fiduciary-controlled entities to create a
database of such MWBE entities; and

d. periodically, but not less than annually, hold a conference to
promote such strategy in conjunction with the other fiduciary-controlled
entities.