Bill Text: NY S07465 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 7465 (Prior Session Legislation)

Introduced

Bill Title: Relates to the attorney general's investigation and commencement of actions relating to fraudulent practices alleged to have damaged a public retirement system.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-05-23 - REFERRED TO CIVIL SERVICE AND PENSIONS [S07465 Detail]

Download: New_York-2011-S07465-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7465
                                   I N  S E N A T E
                                     May 23, 2012
                                      ___________
       Introduced  by  Sen.  LIBOUS -- read twice and ordered printed, and when
         printed to be committed to the Committee on Civil Service and Pensions
       AN ACT to amend the retirement and social security law and  the  general
         business  law, in relation to the attorney general's investigation and
         commencement of actions relating to fraudulent  practices  alleged  to
         have damaged a public retirement system
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Section 14 of the retirement and social  security  law  is
    2  amended to read as follows:
    3    S  14.  Legal adviser.  The attorney-general of the state shall be the
    4  legal adviser of the retirement system AND SHALL  RECEIVE  REQUESTS  FOR
    5  INVESTIGATION   AND   LITIGATION   PURSUANT  TO  SECTION  THREE  HUNDRED
    6  FIFTY-THREE OF THE GENERAL BUSINESS LAW.
    7    S 2. Subdivision 3 of section 353 of  the  general  business  law,  as
    8  added by chapter 559 of the laws of 1976, is amended to read as follows:
    9    3.  (A) Upon a showing by the attorney general that a fraudulent prac-
   10  tice as defined by this article has  occurred,  he  may  include  in  an
   11  action  under  this  article an application to direct restitution of any
   12  moneys or property obtained directly or indirectly by any  such  fraudu-
   13  lent  practice,  PROVIDED  HOWEVER, THAT UPON THE WRITTEN REQUEST OF THE
   14  TRUSTEE OF THE NEW YORK STATE AND LOCAL  EMPLOYEES'  RETIREMENT  SYSTEM,
   15  THE  NEW  YORK  STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM OR THE
   16  TRUSTEE OF ANY OTHER PUBLIC RETIREMENT SYSTEM AS DEFINED IN  SUBDIVISION
   17  A  OF  SECTION  EIGHT HUNDRED OF THE RETIREMENT AND SOCIAL SECURITY LAW,
   18  ALLEGING THAT SUCH PUBLIC RETIREMENT SYSTEM HAS  BEEN  DAMAGED  BY  SUCH
   19  FRAUDULENT  PRACTICES,  THE  ATTORNEY GENERAL SHALL, WITHIN A REASONABLE
   20  TIME PERIOD, INVESTIGATE THE FACTS ALLEGED IN  THE  REQUEST  AND,  WHERE
   21  APPROPRIATE,  COMMENCE  AN  ACTION UNDER THIS ARTICLE FOR RESTITUTION TO
   22  SUCH PUBLIC RETIREMENT SYSTEM OF ANY MONEYS OR PROPERTY OBTAINED DIRECT-
   23  LY OR INDIRECTLY BY ANY SUCH FRAUDULENT PRACTICE. ANY FINAL JUDGMENT  OR
   24  SETTLEMENT  WHICH  PROVIDES  FOR  SUCH  RESTITUTION OF MONEY OR PROPERTY
   25  SHALL BE TIMELY REMITTED TO THE AFFECTED PUBLIC RETIREMENT SYSTEM.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15006-01-2
       S. 7465                             2
    1    (B) WHERE A REQUEST IS MADE  TO  THE  ATTORNEY  GENERAL  BY  A  PUBLIC
    2  RETIREMENT  SYSTEM TRUSTEE OR TRUSTEES PURSUANT TO PARAGRAPH (A) OF THIS
    3  SUBDIVISION, SUCH PUBLIC RETIREMENT SYSTEM SHALL REIMBURSE THE  ATTORNEY
    4  GENERAL  FOR  REASONABLE  INVESTIGATION,  LITIGATION,  COURT FEE, EXPERT
    5  WITNESS AND OTHER REASONABLE RELATED COSTS.
    6    S 3. This act shall take effect immediately and shall apply to actions
    7  or omissions committed on or after January 1, 2003.