BILL NUMBER: S8234 Revised 06/13/25
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the education law, in relation to changing the due date
by which the New York State teachers' retirement system is required to
submit the annual MWBE report
 
PURPOSE OF THE BILL
This bill amends Education Law Section 508-a subdivision 2(b) to change
the due date the New York State Teachers' Retirement System (NYSTRS)
retirement board is required to report to the governor, legislature and
chief diversity officer of the state of New York, on the participation
of MWBE asset managers, MWBE financial institutions and MWBE profes-
sional service providers in investment and brokerage transactions with
or as providers of services for the teachers' retirement system, includ-
ing 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 stra-
tegy, to on or before December 31st after NYSTRS fiscal year end.
 
SUMMARY AND JUSTIFICATION
Under the current statute, NYSTRS retirement board is required to report
within sixty days of NYSTRS fiscal year end to the governor, legislature
and the chief diversity officer of the state of New York on the partic-
ipation 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 profes-
sional 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.
With NYSTRS fiscal year end being June 30th, the MWBE report is current-
ly due on or before September 1st. The report submitted in September is
preliminary and containing estimated information. The final verified
information is not released until after NYSTRS ACFR report is published
in November. The current statute necessitates a two-step process,
requiring NYSTRS to provide a preliminary report in September and then
submit an amended report with final verified information after the ACFR
is published in November. Changing the statutory timeframe to December
31st after NYSTRS fiscal year end would eliminate the redundancy of this
two-step process, save NYSTRS administrative costs due to staffing time
that is needed to prepare both the preliminary report and final amended
report, and help streamline the submission of the MWBE report as
required by statute.
 
EFFECTIVE DATE OF THE BILL
This bill will take effect immediately and be implemented with the next
submission of NYSTRS retirement board's MWBE report.
 
OTHER AGENCIES TO WHOM THE BILL MAY BE OF INTEREST
Division of the Budget, Department of Financial Services.
 
BUDGETARY IMPLICATIONS OF THE BILL
It is estimated that there will be no additional annual cost to the
employers of members of NYSTRS if this bill is enacted.