STATE OF NEW YORK
________________________________________________________________________
9051
IN SENATE
May 5, 2022
___________
Introduced by Sen. JACKSON -- (at request of the State Comptroller) --
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, in relation to
investments by public pension funds in certain guaranteed mortgages
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 3 of section 177 of the retirement and social
2 security law, as added by chapter 817 of the laws of 1960, is amended to
3 read as follows:
4 3. Conventional mortgages guaranteed by a state bank or trust company
5 having a net worth in excess of five hundred million dollars or guaran-
6 teed by New York state homes and community renewal, any successor there-
7 to, or any agency thereof, provided, however, that not more than ten per
8 centum of the assets of any fund shall be invested in any such mortgage
9 so guaranteed.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15430-01-2
