Bill > A09281

This bill amends the State Finance Law to update the investment standard for the New York State College Choice Tuition Savings Program and the New York Achieving a Better Life Experience (ABLE) Savings Account Program. Specifically, the bill requires the Comptroller, as trustee, to invest the assets of these programs "with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims." This replaces the previous investment standard, which was more detailed and restrictive.