Bill > A04866

This bill prohibits the common retirement fund from entering into new contracts with investment managers to assist in obtaining investments, with the exception of real property investments. The bill defines an investment manager as any person or entity engaged to manage a part or all of the fund's investment portfolio, excluding employees of the comptroller. Under this legislation, all existing contracts with investment managers cannot be renewed after one year from the bill's effective date. The bill eliminates previous provisions related to placement agents or intermediaries and simplifies the language around investment management restrictions. By removing the ability to use investment managers, the bill aims to change how the common retirement fund approaches investment strategies, potentially bringing investment management more directly under the control of the fund's own employees. The bill will take effect on the first day of January following its passage into law, giving the fund a one-year transition period to adapt to the new requirements.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A4866