Bill > S09045

This bill amends the State Finance Law to change the investment standards 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 removes the requirement that investments be authorized by the Retirement and Social Security Law and instead requires the Comptroller to invest the assets with the care, skill, prudence, and diligence that a prudent person would use in managing a similar enterprise. This change in investment standards provides more flexibility in how the assets of these programs can be invested.