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NY A09643

Bill

Official Source

Status

Vetoed

12/17/2014

Primary Sponsor

Herman Farrell

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Origin

Assembly

2013-2014 General Assembly

AI Summary

  • Amends Section 177 of the Retirement and Social Security Law to increase the investment limit for public pension funds from 25% to 30% of total assets
  • Applies to "basket clause" investments (securities not explicitly identified as permissible elsewhere in New York State law) for eight public retirement systems including the New York State Teachers' Retirement System and New York City Retirement Systems
  • Financial impact depends on investment performance of assets invested under the expanded authority, with higher returns lowering employer contributions and vice versa
  • Takes effect immediately upon enactment

Legislative Description

Increases the portion of public pension fund assets that may be invested according to the prudent investor standard.

Last Action

tabled

12/17/2014

Committee Referrals

Rules6/18/2014
Rules6/12/2014
Ways and Means6/11/2014
Governmental Employees5/13/2014

Full Bill Text

No bill text available