Senate Bill S4806

2015-2016 Legislative Session

Relates to investments by the comptroller; appropriation

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4806 (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Appropriations
Laws Affected:
Amd §13, add §423-d, R & SS L; amd §98-a, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: S2329
2011-2012: S3006
2013-2014: S1822
2017-2018: S2328

2015-S4806 (ACTIVE) - Summary

Relates to investments by the comptroller; requires the comptroller to comply with provisions of the executive law relating to participation by minority- and women-owned businesses in awarding contracts for investment services for the common retirement fund; creates commission to investigate investment practices of the comptroller's office and appropriates $500,000 therefor.

2015-S4806 (ACTIVE) - Sponsor Memo

2015-S4806 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4806

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 17, 2015
                               ___________

Introduced by Sen. ESPAILLAT -- read twice and ordered printed, and when
  printed to be committed to the Committee on Finance

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

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  13  of the retirement and social security law is
amended by adding a new subdivision l to read as follows:
  L. CONSISTENT WITH THE COMPTROLLER'S ROLE AS THE  ADMINISTRATIVE  HEAD
OF  THE  RETIREMENT  SYSTEM AND SOLE TRUSTEE AND FIDUCIARY OF THE COMMON
RETIREMENT FUND, THE COMPTROLLER SHALL COMPLY WITH THE  REQUIREMENTS  OF
ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR
INVESTMENT SERVICES.
  S  2. Section 98-a of the state finance law is amended by adding a new
subdivision 3 to read as follows:
  3. THE COMPTROLLER SHALL  COMPLY  WITH  THE  REQUIREMENTS  OF  ARTICLE
FIFTEEN-A OF THE EXECUTIVE LAW WITH RESPECT TO ANY CONTRACTS FOR INVEST-
MENT SERVICES.
  S 3. The retirement and social security law is amended by adding a new
section 423-d to read as follows:
  S  423-D.  COMPTROLLER INVESTMENT REVIEW COMMISSION. 1. APPOINTMENT OF
MEMBERS. THERE SHALL BE  ESTABLISHED  A  COMPTROLLER  INVESTMENT  REVIEW
COMMISSION  TO  CONSIST  OF  ELEVEN  MEMBERS TO BE APPOINTED AS FOLLOWS:
FIVE MEMBERS SHALL BE APPOINTED BY THE GOVERNOR, TWO  MEMBERS  SHALL  BE
APPOINTED BY THE TEMPORARY PRESIDENT OF THE SENATE, TWO MEMBERS SHALL BE
APPOINTED  BY THE SPEAKER OF THE ASSEMBLY, ONE MEMBER SHALL BE APPOINTED
BY THE MINORITY LEADER OF THE SENATE AND ONE MEMBER SHALL  BE  APPOINTED
BY THE MINORITY LEADER OF THE ASSEMBLY. OF THE FIVE MEMBERS APPOINTED BY
THE  GOVERNOR  ONE  SHALL  BE  SELECTED FROM AMONG THE LEADERSHIP OF THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08774-01-5
              

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