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Who cares
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Sponsors
2 Co-sponsors
History
- Print number 7152a
- Amend (t) and recommit to finance
- 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 establishing the New York state public pension fund security act
In Assembly Committee · Governmental Employees · Sponsor Richard Brodsky
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7152A
Title of bill
An act to amend the executive law, in relation to establishing the New York state public pension fund security act; and to amend the penal law, in relation to the definition of defrauding the government
Purpose
This bill would amend the executive law to provide the State Comptroller, in conjunction with the Superintendent of Insurance, to develop and implement a policy requiring the disclosure of payments to placement agents in connection with public pension fund investments in or through investment managers.
Justification
Following the identification of various abuses relating to the public pension fund, a number of reforms were instituted to protect the integrity of the public pension fund. These sweeping reforms included a ban on the involvement of placement agents, paid intermediaries and registered lobbyists in investments with the Fund.
The comprehensive nature of these bans, however, does not recognize that in certain cases, the placement agent provides legitimate value-added services. As a result, the ban on placement agents has had the unintended consequence of penalizing legitimate placement agents that provide significant value to pension funds across the country. This bill would allow the use of legitimate placement agents that provide these value added services. To ensure the continued integrity of the public pension fund, this bill would enact disclosure and reporting requirements for these placement agents.
Legislative history
New Bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.