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NY S09051

Bill

Official Source

Status

Engrossed

5/24/2022

Primary Sponsor

Robert Jackson

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Amends subdivision 3 of section 177 of the retirement and social security law to expand eligible mortgage guarantors for public pension fund investments
  • Permits investments in conventional mortgages guaranteed by New York State Homes and Community Renewal, its successors, or any agency thereof, in addition to existing state bank or trust company guarantors
  • Maintains the existing 10 percent asset cap for any fund's investment in such guaranteed mortgages
  • Takes effect immediately upon enactment

Legislative Description

Permits investment of retirement funds in mortgages guaranteed by New York state homes and community renewal.

Last Action

referred to governmental employees

5/24/2022

Committee Referrals

Governmental Employees5/24/2022
Civil Service and Pensions5/5/2022

Full Bill Text

No bill text available