New York A 10882: Prohibits the use of investment managers in the New York state and local police and fire retirement system

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A10882 Summary:

BILL NOA10882 

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SAME ASNo Same As

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SPONSORRajkumar

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COSPNSR

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MLTSPNSR

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Amd §313, R & SS L

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Prohibits the use of investment managers in the New York state and local police and fire retirement system; defines who qualifies as an investment manager.

Go to top A10882 Actions:

BILL NOA10882 

&nbsp

04/08/2026referred to governmental employees

Go to topA10882 Committee&nbspVotes:

Go to topA10882 Floor&nbspVotes:

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

Go to topA10882 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10882

 IN ASSEMBLY

 April 8, 2026
 ___________

 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 fund managers in certain retirement systems

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 313 of the retirement and social security law is
 2 amended by adding a new subdivision k to read as follows:
 3 k. (1) Beginning on the effective date of the chapter of the laws of
 4 two thousand twenty-six which added this subdivision, the fund shall not
 5 enter into any contract to engage, hire, invest with or commit to an
 6 investment manager to assist in obtaining investments, other than real
 7 property, by the fund.
 8 (2) Beginning on the effective date of the chapter of the laws of two
 9 thousand twenty-six which added this subdivision, the fund shall not
 10 renew any existing contracts to engage, hire, invest with or commit to
 11 an investment manager to assist in obtaining investments by the fund.
 12 (3) For the purposes of this subdivision:
 13 (i) "Investment manager" shall mean any person, other than an employee
 14 of the comptroller, or entity engaged by the common retirement fund to
 15 manage a part or all of an investment portfolio of the fund, other than
 16 real property owned by the fund.
 17 (ii) "Manage" shall include, but is not limited to, the analysis of
 18 portfolio holdings, and the purchase, sale, and lending thereof.
 19 § 2. This act shall take effect on the first of January next succeed-
 20 ing the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15431-01-6

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