What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to civil service and pensions
- Committee discharged and committed to civil service and pensions
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to investments by the comptroller; appropriation
In Assembly Committee · Governmental Employees · Sponsor Adriano Espaillat
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the retirement and social security law and the state finance law, in relation to investment of the common retirement fund by the comptroller and creating an independent comptroller investment review commission, and making an appropriation therefor
Purpose
To create a free standing commission that will have as its mandate the monitoring and reporting of investment decisions of the Common Retirement Fund made by the New York State Comptroller. The Commission will report to the Governor and the New York State Legislature.
Summary of provisions
Section 1 amends Section 13 of the Retirement and Social Security Law and Section 98-a of the State Finance Law in relation to the new York State Comptrollers investment of the New York State Common Retirement Fund.
Justification
By definition the New York State Common Retirement Fund ("Fund") is comprised of all of the assets of income of the Employee's Retirement System; and of the Policemen's and Firemen's Retirement System. Together there are over 650,000 contributors in addition to the approximately 315,000 pensioners and beneficiaries in the System, bringing the total number of participants to more than 965,000. The Fund is among the largest state sponsored fund in the United States.
The New York State comptroller is the administrative head and fiduciary of the Retirement System. As sole trustee, the State Comptroller is directly answerable to retirees and shall invest the available monies of the Fund in any investments and securities authorized by law for each retirement system. The management of such fund significantly affects publicly held companies, the securities markets and the economy as a whole. More directly, the fund affects taxpayers and the many state retirees who rely on the funds for their pensions and other benefits. In fact, a large percentage of the contributions are generated by employees who reside in underserved economically at risk communities who would greatly benefit from the sound social institutional investments. Social investments by way of corporate civic funds, for example, does not require a change in how fund managers do business rather it enables fund managers to finance projects that benefit the community through the creation of jobs and diversified economic growth.
As such, as a matter of public policy, the Comptroller Investment Review Commission is established as a monitoring and reporting body of the state comptroller's office to assure an institutional commitment to advancing the social investment market.
Legislative history
S.1619/A.2927 of 2007-08
Fiscal implications
$500,000
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.