This text of New York § 508-A (New York state teachers' retirement system MWBE asset management and financial institution strategy) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 508-a. New York state teachers' retirement system MWBE asset\nmanagement and financial institution strategy.
1.Within the discretion\nof the retirement board and in accordance with and subject to its\nfiduciary duties and obligations as trustees of the teachers retirement\nsystem and to the members, retirees and beneficiaries of such system and\nsuch other investment limitations as may be prescribed by this chapter,\nthe retirement board is authorized to establish on MWBE asset management\nand financial institution strategy pursuant to section four hundred\ntwenty-three-c of the retirement and social security law including\nreasonable goals for utilization of MWBE asset managers, MWBE financial\ninstitutions and MWBE financial and professional services firms, as such\nterms are define
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§ 508-a. New York state teachers' retirement system MWBE asset\nmanagement and financial institution strategy. 1. Within the discretion\nof the retirement board and in accordance with and subject to its\nfiduciary duties and obligations as trustees of the teachers retirement\nsystem and to the members, retirees and beneficiaries of such system and\nsuch other investment limitations as may be prescribed by this chapter,\nthe retirement board is authorized to establish on MWBE asset management\nand financial institution strategy pursuant to section four hundred\ntwenty-three-c of the retirement and social security law including\nreasonable goals for utilization of MWBE asset managers, MWBE financial\ninstitutions and MWBE financial and professional services firms, as such\nterms are defined in section one hundred seventy-six of the retirement\nand social security law which strategy shall include, but shall not be\nlimited to, the following objectives:\n a. investing assets of the teachers' retirement system with MWBE asset\nmanagers;\n b. subject to best execution, (1) conducting trades of public equity\nsecurities with MWBE financial institutions and (2) conducting trades of\nfixed-income securities through MWBE financial institutions;\n c. allocating investments of assets of the teacher's retirement system\neither through (1) direct investments in the equities and debt\nsecurities of MWBEs or (2) indirectly through special programs involving\nMWBE asset managers; and\n d. awarding contracts for accounting, banking, financial advisory,\ninsurance, legal, research, valuation and other financial and\nprofessional services to MWBE financial institutions and other MWBE\nprofessional services firms.\n As used in this section, the terms "MWBE asset manager", "MWBE\nfinancial institutions", "MWBE", "fidiuciary-controlled entities", and\n"best execution" shall have the meanings specified in section one\nhundred seventy-six of the retirement and social security law, and shall\nbe certified in a manner consistent with the provisions of subdivision\nthree of section four hundred twenty-three-c of the retirement and\nsocial security law.\n 2. The retirement board is also authorized to:\n a. periodically advertise the existence of such strategy so that MWBE\nasset managers, MWBE financial institutions and other MWBE professional\nservice firms are made aware of the opportunities made available\npursuant to such strategy;\n b. within sixty days of the end of each fiscal year following the\neffective date of this section, the retirement board shall report to the\ngovernor, legislature and the chief diversity officer of the state of\nNew York on the participation of MWBE asset managers, MWBE financial\ninstitutions and MWBE professional service providers in investment and\nbrokerage transactions with or as providers of services for the\nteachers' retirement system, including a comparative analysis of such\nactivity relative to such activity with all asset managers, financial\ninstitutions and professional service providers for the relevant period\nand on the progress and success of the efforts undertaken during such\nperiod to achieve the goals of such strategy. Each report shall be\nsimultaneously published on the website of the teachers' retirement\nsystem for not less than sixty days following its release to the\ngovernor and the other recipients named above;\n c. work with the other fiduciary-controlled entities to create a\ndatabase of such MWBE entities; and\n d. periodically, but not less than annually, hold a conference to\npromote such strategy in conjunction with the other fiduciary-controlled\nentities.\n