NY A03137

Prohibits the common retirement fund from engaging, hiring, or investing with any investment manager that uses placement agents or intermediaries to secure fund investments.

Requires all investment managers doing business with the fund to provide written certification that they have not used placement agents or intermediaries to obtain fund investments.

Defines "placement agent or intermediary" to include registered lobbyists and any person compensated by an investment manager to assist in securing fund investments, whether paid flat fees, contingent fees, or other compensation.

Excludes employees of investment managers and affiliates from the placement agent definition unless they are employed primarily to secure or influence a particular investment transaction with the fund.

Takes effect immediately upon enactment.