New York A04866 prohibits the use of investment managers to assist with investments of monies in the common retirement fund and requires that all.

New York A04866 amends the retirement and social security law to prohibit the common retirement fund from using investment managers to assist with investments. The bill defines "investment manager" as any person or entity engaged by the fund to manage its investment portfolio, excluding real property. The fund is prohibited from entering into new contracts with investment managers who use placement agents or intermediaries. Existing contracts with investment managers cannot be renewed after one year. The changes take effect on January 1 following the bill's enactment.

New York A04866 prohibits the use of investment managers to assist with investments of monies in the common retirement fund and requires that all.

New York A04866 amends the retirement and social security law to prohibit the common retirement fund from using investment managers to assist with investments. The bill defines "investment manager" as any person or entity engaged by the fund to manage its investment portfolio, excluding real property. The fund is prohibited from entering into new contracts with investment managers who use placement agents or intermediaries. Existing contracts with investment managers cannot be renewed after one year. The changes take effect on January 1 following the bill's enactment.