NY A03505

Prohibits New York's common retirement fund and any pension or annuity funds under the comptroller's jurisdiction from investing in companies, banks, or financial institutions doing business in or with Iran

Requires the comptroller to divest any existing investments that violate these restrictions within three years of the law taking effect

Mandates the comptroller to file a report with the legislature within 60 days identifying all violating investments, followed by annual progress reports on divestment activities

Law automatically expires when Iran is removed from the State Department's list of state sponsors of terrorism AND the President certifies that Iran has ceased efforts to develop nuclear weapons

Based on legislative findings that foreign companies continue investing in Iran's energy sector despite U.S. and U.N. sanctions, and that divestment protects state pension funds from associated financial and ethical risks