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NY A10636
Bill
Status
6/20/2024
Primary Sponsor
Jenifer Rajkumar
Click for details
AI Summary
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Prohibits the common retirement fund from entering into contracts with investment managers to obtain investments, effective upon the chapter's enactment in 2024, with an exception for real property investments.
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Requires the fund to cease renewal of all existing contracts with investment managers beginning on the effective date of this 2024 amendment.
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Defines "investment manager" as any person or entity engaged by the common retirement fund to manage investment portfolios, excluding employees of the comptroller and real property assets, and including analysis, purchase, sale, and lending of portfolio holdings.
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Takes effect on January 1 of the year following enactment, creating a one-year transition period before the prohibition becomes fully operative.
Legislative Description
Prohibits the use of investment managers to assist with investments of monies in the common retirement fund; requires that all current contracts with investment managers not be renewed after a period of one year.
Last Action
referred to governmental employees
6/20/2024