2023 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; and
d.  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; and
d.  periodically,  but  not  less  than annually, hold a conference to
  promote such strategy in conjunction with the other fiduciary-controlled
  entities.