NY Educ L § 508-A (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 508-A - New York State Teachers' Retirement System Mwbe Asset Management and Financial Institution Strategy.

§  508-a.  New  York  state  teachers'  retirement  system  MWBE asset   management and financial institution strategy. 1. Within the  discretion   of  the  retirement  board  and  in  accordance  with and subject to its   fiduciary duties and obligations as trustees of the teachers  retirement   system and to the members, retirees and beneficiaries of such system and   such  other investment limitations as may be prescribed by this chapter,   the retirement board is authorized to establish on MWBE asset management   and financial institution strategy  pursuant  to  section  four  hundred   twenty-three-c  of  the  retirement  and  social  security law including   reasonable goals for utilization of MWBE asset managers, MWBE  financial   institutions and MWBE financial and professional services firms, as such   terms  are  defined in section one hundred seventy-six of the retirement   and social security law which strategy shall include, but shall  not  be   limited to, the following objectives:a. investing assets of the teachers' retirement system with MWBE asset   managers;b.  subject  to best execution, (1) conducting trades of public equity   securities with MWBE financial institutions and (2) conducting trades of   fixed-income securities through MWBE financial institutions;c. allocating investments of assets of the teacher's retirement system   either  through  (1)  direct  investments  in  the  equities  and   debt   securities of MWBEs or (2) indirectly through special programs involving   MWBE asset managers; andd.  awarding  contracts  for  accounting, banking, financial advisory,   insurance,  legal,  research,  valuation   and   other   financial   and   professional  services  to  MWBE  financial  institutions and other MWBE   professional services firms.As used in  this  section,  the  terms  "MWBE  asset  manager",  "MWBE   financial  institutions",  "MWBE", "fidiuciary-controlled entities", and   "best execution" shall  have  the  meanings  specified  in  section  one   hundred seventy-six of the retirement and social security law, and shall   be  certified  in a manner consistent with the provisions of subdivision   three of section four  hundred  twenty-three-c  of  the  retirement  and   social security law.2. The retirement board is also authorized to:a.  periodically advertise the existence of such strategy so that MWBE   asset managers, MWBE financial institutions and other MWBE  professional   service  firms  are  made  aware  of  the  opportunities  made available   pursuant to such strategy;b. within sixty days of the end of  each  fiscal  year  following  the   effective date of this section, the retirement board shall report to the   governor,  legislature  and  the chief diversity officer of the state of   New York on the participation of MWBE  asset  managers,  MWBE  financial   institutions  and  MWBE professional service providers in investment and   brokerage  transactions  with  or  as  providers  of  services  for  the   teachers'  retirement  system,  including a comparative analysis of such   activity relative to such activity with all  asset  managers,  financial   institutions  and professional service providers for the relevant period   and on the progress and success of the efforts  undertaken  during  such   period  to  achieve  the  goals  of  such strategy. Each report shall be   simultaneously published on the  website  of  the  teachers'  retirement   system  for  not  less  than  sixty  days  following  its release to the   governor and the other recipients named above;c. work with the  other  fiduciary-controlled  entities  to  create  a   database of such MWBE entities; andd.  periodically,  but  not  less  than annually, hold a conference to   promote such strategy in conjunction with the other fiduciary-controlled   entities.