New York S 6522: Relates to disclosing certain investment managers and investments

Bill Text

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S06522 Summary:

BILL NOS06522 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORCLEARE

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §423, R & SS L

&nbsp

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.

Go to top S06522 Actions:

BILL NOS06522 

&nbsp

03/17/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

Go to topS06522 Committee&nbspVotes:

Go to topS06522 Floor&nbspVotes:

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

Go to topS06522 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6522

 2025-2026 Regular Sessions

 IN SENATE

 March 17, 2025
 ___________

 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:

 1 Section 1. Section 423 of the retirement and social security law, as
 2 amended by chapter 770 of the laws of 1970, is amended to read as
 3 follows:
 4 § 423. Investments. 1. a. On and after April first, nineteen hundred
 5 sixty-seven, the comptroller shall invest the available monies of the
 6 common retirement fund in any investments and securities authorized by
 7 law for each retirement system and shall hold such investments in [his]
 8 their name as trustee of such fund, notwithstanding any other provision
 9 of this chapter. Participating interests in such investments shall be
 10 credited to each retirement system in the manner and at the time speci-
 11 fied in [paragraph] subdivision two of section four hundred twenty-two
 12 of this article.
 13 b. To assist in the management of the monies of the common retirement
 14 fund, the comptroller shall appoint an investment advisory committee
 15 consisting of not less than seven members who shall serve for [his] such
 16 comptroller's term of office. A vacancy occurring from any cause other
 17 than expiration of term shall be filled by the comptroller for the
 18 remainder of the term. Each member of the committee shall be experienced
 19 in the field of investments and shall have served, or shall be serving,
 20 as a senior officer or member of the board of an insurance company,
 21 banking corporation or other financial or investment organization
 22 authorized to do business in the state of New York. The committee shall
 23 advise the comptroller on investment policies relating to the monies of
 24 the common retirement fund and shall review, from time to time, the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10989-01-5

 S. 6522 2

 1 investment portfolio of the fund and make such recommendations as may be
 2 deemed necessary.
 3 2. The comptroller shall appoint a separate mortgage advisory commit-
 4 tee, with the advice and consent of the investment advisory committee,
 5 to review proposed mortgage and real estate investments by the common
 6 retirement fund. In making investments, as authorized by law, the comp-
 7 troller shall be guided by policies established by each committee from
 8 time to time; and, in the event the mortgage advisory committee disap-
 9 proves a proposed mortgage or real estate investment, such shall not be
 10 made.
 11 3. No officer or employee of any state department or agency shall be
 12 eligible for membership on either committee. Each committee shall
 13 convene periodically on call of the comptroller, or on call of the
 14 [chairman] chair. The members of each committee shall be entitled to
 15 reimbursement for their actual and necessary expenses but shall receive
 16 no compensation for their services.
 17 4. a. Any investment manager on contract with the office of state
 18 comptroller to make investment contracts for the office of state