New York A 4866: Relates to requiring certain information to be provided as part of custody and support agreements

Bill Text

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A04866 Summary:

BILL NOA04866 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORRajkumar

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COSPNSR

&nbsp

MLTSPNSR

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Amd §424-a, R & SS L

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Prohibits the use of investment managers to assist with investments of monies in the common retirement fund; requires that all current contracts with investment managers not be renewed after a period of one year.

Go to top A04866 Actions:

BILL NOA04866 

&nbsp

02/06/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA04866 Committee&nbspVotes:

Go to topA04866 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA04866 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4866

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 6, 2025
 ___________

 Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
 tee 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:

 1 Section 1. Section 424-a of the retirement and social security law, as
 2 added by chapter 203 of the laws of 2018, is amended to read as follows:
 3 § 424-a. Use of [placement agents or intermediaries] investment manag-
 4 ers prohibited. 1. [The] (a) Beginning on the effective date of the
 5 chapter of the laws of two thousand twenty-five which amended this
 6 subdivision, the fund shall not enter into any contract to engage, hire,
 7 invest with or commit to an investment manager [that is using the
 8 services of a placement agent or intermediary] to assist [such invest-
 9 ment manager] in obtaining investments, other than real property, by the
 10 fund [nor shall the fund engage, hire, invest with or commit to an
 11 investment manager without obtaining from such investment manager a
 12 certification in the form and manner prescribed by the fund stating that
 13 such investment manager has not used the services of a placement agent
 14 or other intermediary to assist such investment manager in obtaining
 15 investments by the fund].
 16 (b) Beginning on the effective date of the chapter of the laws of two
 17 thousand twenty-five which amended this subdivision, the fund shall not
 18 renew any existing contracts to engage, hire, invest with or commit to
 19 an investment manager to assist in obtaining investments by the fund.
 20 2. For the purposes of this section[:
 21 (a)], "investment manager" shall mean any person, other than an
 22 employee of the comptroller, or entity engaged by the common retirement
 23 fund to manage a part or all of an investment portfolio of the fund,
 24 other than real property owned by the fund. "Manage" shall include, but

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08639-01-5

 A. 4866 2

 1 is not limited to, the analysis of portfolio holdings, and the purchase,
 2 sale, and lending thereof. Any investment made by the fund pursuant to
 3 subdivision seven of section one hundred seventy-seven of this chapter
 4 shall be deemed to be the investment of the fund in such investment
 5 entity rather than in the assets of such investment entity.
 6 [(b) "placement agent or intermediary" shall mean any person or enti-
 7 ty, including registered lobbyists, directly or indirectly engaged and
 8 compensated by an investment manager, other than an employee of the
 9 investment manager, to assist the investment manager in obtaining
 10 investments by the fund whether compensated on a flat fee, a contingent
 11 fee, or any other basis. Employees of an investment manager and its
 12 affiliates are excluded from this definition unless they are employed
 13 principally for the purpose of securing or influencing the decision to
 14 secure a particular investment transaction or investment by the fund.]
 15 § 2. This act shall take effect on the first of January next succeed-
 16 ing one year after it shall have become a law.

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