Prohibits the use of investment managers in the New York state and local police and fire retirement system; defines who qualifies as an investment manager.
STATE OF NEW YORK
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10882
IN ASSEMBLY
April 8, 2026
___________
Introduced by M. of A. RAJKUMAR -- read once and referred to the Commit-
tee on Governmental Employees
AN ACT to amend the retirement and social security law, in relation to
prohibiting fund managers in certain retirement systems
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 313 of the retirement and social security law is
2 amended by adding a new subdivision k to read as follows:
3 k. (1) Beginning on the effective date of the chapter of the laws of
4 two thousand twenty-six which added this subdivision, the fund shall not
5 enter into any contract to engage, hire, invest with or commit to an
6 investment manager to assist in obtaining investments, other than real
7 property, by the fund.
8 (2) Beginning on the effective date of the chapter of the laws of two
9 thousand twenty-six which added this subdivision, the fund shall not
10 renew any existing contracts to engage, hire, invest with or commit to
11 an investment manager to assist in obtaining investments by the fund.
12 (3) For the purposes of this subdivision:
13 (i) "Investment manager" shall mean any person, other than an employee
14 of the comptroller, or entity engaged by the common retirement fund to
15 manage a part or all of an investment portfolio of the fund, other than
16 real property owned by the fund.
17 (ii) "Manage" shall include, but is not limited to, the analysis of
18 portfolio holdings, and the purchase, sale, and lending thereof.
19 § 2. This act shall take effect on the first of January next succeed-
20 ing the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15431-01-6
