Assembly Bill A5369

Signed By Governor
2011-2012 Legislative Session

Authorizes the eight New York state public retirement systems to increase their asset investments in real property to ten percent

download bill text pdf

Sponsored By

Archive: Last Bill Status Via S3402 - Signed by Governor


  • 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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2011-A5369 (ACTIVE) - Details

See Senate Version of this Bill:
S3402
Law Section:
Retirement and Social Security Law
Laws Affected:
Amd ยง177, R & SS L
Versions Introduced in 2009-2010 Legislative Session:
A5315, S3511

2011-A5369 (ACTIVE) - Summary

Increases to ten percent the amount of assets in the New York state teachers' retirement system which may be invested in real estate.

2011-A5369 (ACTIVE) - Bill Text download pdf

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

                                  5369

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 16, 2011
                               ___________

Introduced  by  M.  of  A.  ABBATE  -- (at request of the New York State
  Teachers' Retirement System) -- read once and referred to the  Commit-
  tee on Governmental Employees

AN  ACT  to amend the retirement and social security law, in relation to
  increasing to ten percent the amount of assets of the New  York  state
  teachers' retirement system which may be invested in real property

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

  Section 1. Paragraph (e) of  subdivision  6  of  section  177  of  the
retirement  and  social  security  law, as amended by chapter 560 of the
laws of 1997, is amended to read as follows:
  (e) Such real property, other than property to be used  primarily  for
agricultural,  horticultural,  ranch, mining, recreational, amusement or
club purposes, as may be acquired, as an investment for  the  production
of  income (INCLUDING CAPITAL APPRECIATION), or as may be acquired to be
improved or developed for such investment purpose pursuant to an  exist-
ing program therefor, subject to the following limitations: (1) the cost
of  each parcel of real property so acquired under the authority of this
subdivision, including the estimated cost to the fund of the improvement
or development thereof, when added to the value of all other real  prop-
erty  then  held  by  it  pursuant to this subdivision, shall not exceed
[five] TEN per cent of its assets, and (2) the cost of  each  parcel  of
real  property acquired under the authority of this subdivision, includ-
ing the estimated cost to the fund of  the  improvement  or  development
thereof, shall not exceed two per cent of the fund's assets.
  S 2. Subdivision 6 of section 177 of the retirement and social securi-
ty law is amended by adding a new paragraph (f) to read as follows:
  (F)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF  THIS ARTICLE, FOR THE
PURPOSES OF THIS SUBDIVISION, AN INVESTMENT IN AN ENTITY THAT INVESTS OR
PROPOSES TO INVEST, DIRECTLY OR INDIRECTLY THROUGH  ONE  OR  MORE  OTHER
ENTITIES,  AT LEAST A MAJORITY OF ITS ASSETS IN (1) ANY INTEREST IN REAL

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08934-01-1
              

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