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History
- Referred to civil service and pensions
- Referred to civil service and pensions
Full text
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Sponsor's memo
BILL NUMBER:S2477
Title of bill
An act to amend the retirement and social security law, in relation to prohibiting investment of certain public funds in companies doing business in Sudan
Purpose
Directs the New York State Comptroller and all state governmental entities to cease and desist from the investment of public monies in companies, corporations or other business entities which are conducting business or maintaining commercial ties with the government of Sudan or its governmental subdivisions.
Summary of provisions
Amends Retirement and Social Security Law by adding a new § 423-d, to prohibit New York State from investing in business or commercial entities which maintain economic ties with the Sudanese government.
Existing law
Nothing in current law prohibits such investment.
Justification
The Darfur region of western Sudan is site of the 21st century's first great episode of genocide. In February 2003, an insurgency war exploded out of decades of economic and political marginalization. Khartoum's military response to the rebellion has been to attack the livelihood of the civilian populations perceived as supporting the insurgents, including the wholesale destruction of villages, water sources, food and seed stocks, agricultural animals and tools, and other precious resources. It has also meant the mass execution of men and boys, the systematic rape of women and girls, and ultimately the displacement of more than 2 million people. More than 250,000 have died; hundreds of thousands face death from malnutrition and appalling conditions in camps that have become breeding grounds for disease.
In the face of international indifference to this situation, New York State should join the divestment campaign targeting multinational corporations that provide critical economic, commercial, and financial support to Khartoum.
Legislative history
2009-10: S.2612 - Referred to Civil Service; Reported to Finance 2007-08: S.2924 - Referred to Civil Service and Pensions 2005-06: S.5723 - Referred to Civil Service and Pensions
Fiscal implications
This bill would require that any assets of the Common Retirement Fund invested in any company doing business in or with Sudan or with agencies or instrumentalities be divested not later than three years following the date of enactment of this legislation. This bill would decrease the number of investment choices available for investment by the Common Retirement Fund.
Presumably this could lead to a lower rate of return on the Fund's investments, decreasing the probability of achieving our actuarial assumed rate of return, currently at 8%. A diminished rate of return would cause an increase in the contributions of the State of New York and the participating employers in the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System. There also would be additional administrative costs to identify companies that are doing business in or with Sudan.*
*Provided by the Office of the New York State Comptroller.
Effective date
Immediately upon enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.