New York A 1516: Provides for limitations on investments of public pension funds and state contracts

Bill Text

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A01516 Summary:

BILL NOA01516 

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SAME ASNo Same As

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SPONSORWeprin

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COSPNSR

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MLTSPNSR

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Amd §423, add §423-d, R & SS L; add §139-m, St Fin L

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Provides for limitations on investments of public pension funds and state contracts; prohibits the investment of the available monies of the common retirement fund in any stocks, securities, equities, assets or other obligations of any corporation or company, or any subsidiary, affiliate or parent of any corporation or company, engaged in the boycott of Israel, including Iran-restricted companies and Sudan-restricted companies; prohibits any firm, partnership or corporation that boycotts Israel, that is an Iran-restricted company or that is a Sudan-restricted company from contracting with the state.

Go to top A01516 Actions:

BILL NOA01516 

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01/10/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA01516 Committee&nbspVotes:

Go to topA01516 Floor&nbspVotes:

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

Go to topA01516 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1516

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 10, 2025
 ___________

 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
 on Governmental Employees

 AN ACT to amend the retirement and social security law and the state
 finance law, in relation to limitations on investments of public
 pension funds and state contracts

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

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03526-01-5

 A. 1516 2

 1 time, the investment portfolio of the fund and make such recommendations
 2 as may be deemed necessary.
 3 (b) 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 (c) 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] chairperson. T