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NY A04866
Bill
Status
2/6/2025
Primary Sponsor
Jenifer Rajkumar
Click for details
AI Summary
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Prohibits the New York Common Retirement Fund from entering into new contracts with investment managers to manage fund investments, excluding real property investments
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Bars the fund from renewing any existing contracts with investment managers after the law takes effect
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Defines "investment manager" as any person or entity (other than comptroller employees) engaged to manage part or all of the fund's investment portfolio, including analyzing holdings and executing purchases, sales, and lending
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Replaces the previous law that only prohibited using investment managers who employed placement agents or intermediaries
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Takes effect January 1 of the year following one year after enactment
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
1/7/2026