Bill Text: NY S01912 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO CIVIL SERVICE AND PENSIONS [S01912 Detail]

Download: New_York-2023-S01912-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1912

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 17, 2023
                                       ___________

        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  name as trustee of such fund, notwithstanding  any  other  provision  of
     9  this chapter. Participating interests in such investments shall be cred-
    10  ited  to  each retirement system in the manner and at the time specified
    11  in [paragraph] subdivision two of section  four  hundred  twenty-two  of
    12  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 term
    16  of office. A vacancy occurring from any cause other than  expiration  of
    17  term  shall  be filled by the comptroller for the remainder of the term.
    18  Each member of the committee  shall  be  experienced  in  the  field  of
    19  investments  and  shall  have  served,  or shall be serving, as a senior
    20  officer or member of the board of an insurance company,  banking  corpo-
    21  ration  or  other  financial or investment organization authorized to do
    22  business in the state of New York. The committee shall advise the  comp-
    23  troller  on  investment  policies  relating  to the monies of the common
    24  retirement fund and shall review, from  time  to  time,  the  investment

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03065-01-3
        S. 1912                             2

     1  portfolio  of  the  fund  and make such recommendations as may be deemed
     2  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.  The members of each committee shall be entitled to reimburse-
    15  ment for their actual  and  necessary  expenses  but  shall  receive  no
    16  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  comp-
    19  troller  division  of pensions, investment, and cash management shall be
    20  disclosed to any enrollee of the New York state common  retirement  fund
    21  upon request.
    22    b.  The contents of investment contracts for the office of state comp-
    23  troller division of pensions, investment, and cash  management  and  the
    24  contents of opportunistic investment contracts shall be disclosed to any
    25  enrollee of the New York state common retirement fund upon request.
    26    c.  For  the  purposes  of  this  subdivision  the term "opportunistic
    27  investment" shall mean any one-off investment  that  is  brought  by  an
    28  investment  manager  and  can  only  be  sourced through such investment
    29  manager and shall include private equity funds,  hedge  funds  and  real
    30  estate  funds.  Such  investments  may  be available only for a set time
    31  period determined by the investment manager and  at  a  set  price  also
    32  determined by the investment manager. Opportunistic investments may also
    33  include public market products and niche strategies.
    34    §  2.  This  act  shall take effect on the sixtieth day after it shall
    35  have become a law.