New York A 11078: Prohibits investment managers from assisting in investing moneys belonging to retirement system

Bill Text

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A11078 Summary:

BILL NOA11078 

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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 §508, Ed L

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Prohibits investment managers from assisting in investing moneys belonging to retirement systems; defines who qualifies as an investment manager.

Go to top A11078 Actions:

BILL NOA11078 

&nbsp

04/24/2026referred to governmental employees

Go to topA11078 Committee&nbspVotes:

Go to topA11078 Floor&nbspVotes:

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

Go to topA11078 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11078

 IN ASSEMBLY

 April 24, 2026
 ___________

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

 AN ACT to amend the education 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. Subdivision 18 of section 508 of the education law, as
 2 added by chapter 779 of the laws of 1982, is amended to read as follows:
 3 18. [Notwithstanding any other provision of this section, the] (a)
 4 Beginning on the effective date of the chapter of the laws of two thou-
 5 sand twenty-six which amended this subdivision, the retirement board
 6 shall [have the power to delegate to one or more] be prohibited from
 7 entering into any contract to engage, hire, invest with or commit to an
 8 investment [managers its authority] manager to invest moneys belonging
 9 to the retirement system, other than real property, by the fund. [The
 10 term "investment managers" as used in this subdivision shall include but
 11 not be limited to independent contractors selected by the retirement
 12 board.]
 13 (b) Beginning on the effective date of the chapter of the laws of two
 14 thousand twenty-six which amended this subdivision, the fund shall not
 15 renew any existing contracts to engage, hire, invest with or commit to
 16 an investment manager to assist in obtaining investments by the fund.
 17 (c) For the purposes of this subdivision:
 18 (i) "Investment manager" shall mean any person, other than an employee
 19 of the comptroller, or entity engaged by the common retirement fund to
 20 manage a part or all of an investment portfolio of the fund, other than
 21 real property owned by the fund.
 22 (ii) "Manage" shall include, but is not limited to, the analysis of
 23 portfolio holdings, and the purchase, sale, and lending thereof.
 24 § 2. This act shall take effect on the first of January next succeed-
 25 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.
 LBD15446-01-6

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