Allows any enrollee of the New York State common retirement fund to request a list of investment managers on contract with the office of state comptroller to make investment contracts for the office of state comptroller division of pensions, investment, and cash management and the contents of any contracts and opportunistic investment contracts made by such investment manager.
Summary
This bill amends the retirement and social security law to expand disclosure requirements relating to the New York State Common Retirement Fund. It would allow any enrollee of the fund, upon request, to obtain the names of investment managers under contract with the Office of the State Comptroller’s Division of Pensions, Investment, and Cash Management, as well as the contents of certain investment contracts. The bill also requires disclosure of the contents of “opportunistic investment” contracts upon request.
The bill defines “opportunistic investment” broadly to include one-off investments sourced through a particular investment manager, including private equity funds, hedge funds, real estate funds, and certain public market products or niche strategies. The measure would take effect 60 days after becoming law.
Impact
If enacted, the bill would add a new transparency requirement to the administration of the Common Retirement Fund by making specified investment-manager information and contract contents available to fund enrollees on request. It would affect the Office of the State Comptroller, the Division of Pensions, Investment, and Cash Management, and outside investment managers that contract with the state pension system. The bill does not change investment authority itself, but it would create a statutory disclosure obligation for certain contracts and investment arrangements.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the available record suggests a generally transparency-focused and noncontroversial presentation of the measure. The sponsor appears to be advancing the bill as a disclosure and accountability reform for pension fund investments. No opposing views are documented in the provided materials.
Contention
The main potential point of contention is the scope of disclosure, especially for opportunistic investments and contracts involving private equity, hedge funds, real estate funds, and other specialized strategies. Investment managers or fund administrators could view the requirement as exposing sensitive commercial terms or limiting confidentiality, while supporters would likely argue that enrollees deserve greater visibility into how retirement assets are managed. Because no committee transcript or vote history is provided, no specific legislator or stakeholder opposition is identified in the record.
Allows any enrollee of the New York State common retirement fund to request a list of investment managers on contract with the office of state comptroller to make investment contracts for the office of state comptroller division of pensions, investment, and cash management and the contents of any contracts and opportunistic investment contracts made by such investment manager.
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.
Oklahoma Capital Investment Board; dissolving Board upon certain date; transferring certain contracts and management of certain investments to certain board. Effective date.
Oklahoma Capital Investment Board; dissolving Board upon certain date; transferring certain contracts and management of certain investments to certain board. Effective date.
Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).
Enacts the "New York state agency BIPOC asset management and financial institution strategy act" to ensure the promotion of equity, diversity, and inclusion within the state pension system and the New York city pension system's investments by mandating a minimum allocation of assets to BIPOC asset managers, BIPOC financial institutions, and BIPOC financial or professional service firms; addresses disparities in investment opportunities and fosters economic growth within BIPOC communities, aligning with best practices in investment management and bolstering the financial well-being of New York City and state and residents thereof (Part A); relates to fair investment practices by investment advisers within the state of New York (Part B).