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Sponsors
1 Co-sponsor
History
- Referred to governmental employees
Full text
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Sponsor's memo
BILL NUMBER:A10969
Title of bill
An act to amend the retirement and social security law, the state finance law and the public officers law, in relation to establishing the employee retirement system board of trustees to operate the New York state and local employees' retirement system and the New York state and local police and fire retirement system, and regulating investment firms doing business with the common retirement fund
Purpose or general idea of bill
Establishes the employee retirement system board of trustees and empowers it to operate the New 'fork state and local employees' retirement system.
Read the full memo (888 words)
Summary of specific provisions
Section 2 of the retirement and social security law is amended by adding a new subdivision 8-a, which established an employee retirement system board, or board.
The retirement and social security law is amended by adding a new section which defines how the board shall be chosen and governed.
Subdivisions b and c and the opening paragraph of subdivision g of section 13 of the retirement and social security law, subdivision b is amended by chapter 369 of the laws of 1964, which substitutes members of the board for the comptroller to be trustee of the funds, and makes the comptroller the custodian of the funds.
The retirement and social security law is amended by adding a new article 3-B which creates transparency, accountability and prohibitions in the state retirement system.
Section 302 of the retirement and social security law is amended by adding a new subdivision 8-a.
Subdivision g of section 311 of the retirement and social security law as added by chapter 1000 of the laws of 1966 is amended which makes the comptroller act in consultation with the employee retirement system board.
Subdivision b and c and the opening paragraph of subdivision g of section 313 of the retirement and social security law, as added by the chapter 1000 of the laws of 1996, are amended, to make the members of the employee retirement system board trustee of the funds of the policemen's and firemen's retirement system, and makes the comptroller the custodian of such funds.
Section 421 of the retirement and social security law as added by chapter 306 of the laws of 1967 is amended to define the "employees' retirement system" as the New York state employees' retirement system, the "policemen's and firemen's retirement system" as the New York state and local police and fire retirement system, "each retirement system" to mean each of the foregoing defined system, the term "comptroller" to mean the state comptroller, the term "actuary" to mean the actuary of the employees' retirement system acting jointly with the actuary of the policemen's and firemen's retirement system, "employee retirement system board," or "board" to mean the entity established pursuant to section 10-a of this chapter.
Section 422 of the retirement and social security law, as added by chapter 306 of the laws of 1967 is amended and changes the comptroller from trustee of the funds to custodian of the retirement funds.
Section 423 of the retirement and social security law, as amended by chapter 770 of the laws of 1970 is amended to make the comptroller act with authorization of the board when investing funds of the retirement systems.
Section 423-a and 423-b of the retirement and social security law, section 423-a as added by chapter 112 of the laws of 1986 and section 423-a as added by chapter 624 of the laws of 1999, are amended to make the comptroller act with authorization of the board when investing funds of the retirement systems.
The retirement and social security law is amended by adding a new article 23 about investment firms.
The opening paragraph, subdivision 20 and the second undesignated paragraph of section 98 of the state finance law, subdivision 20 as added by chapter 545 of the laws of 2005 are amended to make the comptroller act with authorization of the board in regards to the funds of the retirement systems.
The public officers law is amended by adding a new section 73-c which defines and explains how the following listed are organized and governed: designating commission, designating members, commissioner, candidate, and appointing officer.
Justification
Currently the New York Comptroller is the lone trustee charged with monitoring the state's massive, $129 billion public employee retirement system. This lax oversight invites fraud and a lack of accountability. This legislation would establish a sitting board of trustees to manage the state's public employee pension system and encourage more transparency among investment groups doing business with the common retirement fund.
Prior legislative history
None
Fiscal implications for state and local governments
This bill would create an Employee Retirement System Board to serve as the trustee of the Common Retirement Fund (CRF), and would designate the Comptroller as the custodian of the CRF. It is estimated that there would be additional annual costs to compensate staff of the designating commission and the Board, and to reimburse the members of the designating commission and the Board for their actual necessary expenses. These costs would be shared by the State of New York and the participating employers of the New York State and Local Employees' Retirement System and the New York State and Local. Police and Fire Retirement System.
Effective date
The act shall take effect on the ninetieth day after it becomes law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.