Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report
Summary
This bill amends the Education Law provision governing the New York State Teachers’ Retirement System’s annual MWBE report. Under current law, the report must be submitted within 60 days after the end of each fiscal year; the bill changes that deadline to on or before December 31 following the fiscal year end. The report must still be provided to the governor, the legislature, and the state chief diversity officer, and it must continue to address participation by minority- and women-owned business enterprises (MWBEs) in asset management, financial services, and professional services used by the retirement system.
The bill also preserves the existing requirement that the report include a comparative analysis of MWBE participation relative to all providers and a discussion of progress toward the system’s MWBE goals. It further requires the report to be posted on the retirement system’s website for at least 60 days after release. The measure takes effect immediately and applies to the next MWBE report submission.
Impact
The bill makes a narrow administrative change to Education Law section 508-a by extending the filing deadline for the Teachers’ Retirement System’s annual MWBE report. It does not alter the substantive reporting categories, the entities receiving the report, or the website publication requirement. According to the fiscal note, the change is expected to reduce administrative burden and avoid the need for both a preliminary draft report and a later final report, with no cost to participating employers.
Sentiment
The available materials suggest generally favorable or at least practical support for the bill, with the fiscal note emphasizing administrative efficiency and no added cost. There are no committee transcripts or recorded votes indicating opposition or debate, and the bill’s limited scope suggests it is being treated as a technical timing adjustment rather than a policy shift.
Contention
No specific points of contention are documented in the available record. The only likely issue is the tradeoff between giving the Teachers’ Retirement System more time to prepare a complete MWBE report and the public’s interest in receiving the report sooner after the fiscal year ends. Because the bill does not change MWBE goals or reporting content, any disagreement would likely focus on reporting timeliness and administrative convenience rather than the underlying MWBE program.
Same As
Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers retirement system's fiscal year.
Changes the due date by which the New York State teachers' retirement system is required to submit the annual MWBE report to on or before December thirty-first following the end of the teachers retirement system's fiscal year.
Recalibrates the final average salary retirement calculations in the New York state teachers' retirement system for Joanne Halverson by including certain earnings from the 2020-2021 year.