NY A09999

Public pension funds statewide must adopt investment manager diversity policies and allocate 20% of total assets and 25% of active assets to BIPOC investment managers, with asset-class specific targets of 30% for equity, 15% for fixed income, and 15% for alternative assets.

New York City pension fund trustees must allocate at least 40% of total fund assets to BIPOC asset managers, financial institutions, and professional service firms, with a minimum aspiration of 20% for non-BIPOC investment funds.

Each public pension fund must establish compliance mechanisms within six months, develop implementation plans within six months, and submit annual progress reports to the comptroller detailing assets managed by BIPOC firms and initiatives to support BIPOC-owned investment management firms.

Consultants retained by pension funds must disclose all compensation and economic opportunities received from investment advisors within the preceding 24 months, effective January 1, 2025, prior to trustees appointing investment advisors.

The comptroller must conduct a comprehensive five-year review of the diversity policy's impact and publish annual reports assessing progress and effectiveness across state pension funds.