Bill Text: NY A08011 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to limitations on investments of public pension funds.

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Introduced - Dead) 2016-01-06 - referred to governmental employees [A08011 Detail]

Download: New_York-2015-A08011-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8011
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 4, 2015
                                      ___________
       Introduced  by M. of A. ORTIZ -- read once and referred to the Committee
         on Governmental Employees
       AN ACT to amend the retirement and social security law, in  relation  to
         prohibiting  investments  in  companies in the fossil fuel industry by
         trustees of the pension funds
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1. The opening paragraph of section 178 of the retirement and
    2  social security law is designated subdivision 1 and a new subdivision  2
    3  is added to read as follows:
    4    2.  (A)  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW, INCLUDING THE
    5  PROVISIONS OF THE ADMINISTRATIVE CODE OF THE CITY OF NEW YORK, THE TRUS-
    6  TEE OR TRUSTEES OF A FUND SHALL NOT HAVE THE  POWER  TO  INVEST  IN  ANY
    7  STOCKS  OR  OTHER  SECURITIES  OF  ANY CORPORATION OR COMPANY WITHIN THE
    8  FOSSIL FUEL INDUSTRY OR ANY  SUBSIDIARY,  AFFILIATE  OR  PARENT  OF  ANY
    9  CORPORATION  OR  COMPANY  AMONG  THE TWO HUNDRED LARGEST PUBLICLY TRADED
   10  FOSSIL FUEL COMPANIES, AS ESTABLISHED BY CARBON IN THE COMPANIES' PROVEN
   11  OIL, GAS AND COAL RESERVES. EXCEPT AS PROVIDED IN PARAGRAPH (B) OF  THIS
   12  SUBDIVISION,  THE  TRUSTEES  OF ANY SUCH FUNDS SHALL, IN ACCORDANCE WITH
   13  SOUND INVESTMENT CRITERIA AND  CONSISTENT  WITH  THE  BOARD'S  FIDUCIARY
   14  OBLIGATIONS, DIVEST ANY SUCH STOCKS OR OTHER SECURITIES WHETHER THEY ARE
   15  OWNED  DIRECTLY  OR  HELD  THROUGH  SEPARATE  ACCOUNTS OR ANY COMMINGLED
   16  FUNDS. DIVESTMENT PURSUANT TO THIS SUBSECTION MUST BE COMPLETE BY  JANU-
   17  ARY FIRST, TWO THOUSAND EIGHTEEN.
   18    (B)  SHORT-TERM  INVESTMENT  FUNDS  THAT COMMINGLE COMMERCIAL PAPER OR
   19  FUTURES SHALL BE EXEMPT FROM THE RESTRICTIONS IMPOSED PURSUANT TO  PARA-
   20  GRAPH (A) OF THIS SUBDIVISION.
   21    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11177-01-5