Prohibits investment managers from assisting in investing moneys belonging to retirement systems; defines who qualifies as an investment manager.

This bill aims to prevent investment managers from helping to invest money that belongs to retirement systems in New York. It also sets clear criteria for who can be considered an investment manager. The goal is to ensure that retirement funds are managed properly and transparently.

Supporters of the bill argue that it protects retirement systems from potential conflicts of interest and ensures that only qualified professionals manage these critical funds. They believe that by defining who qualifies as an investment manager, the bill enhances accountability and safeguards the financial security of retirees.

Critics of the bill contend that it could limit the pool of qualified investment professionals available to manage retirement funds, potentially leading to less effective investment strategies. They argue that this restriction may ultimately harm the returns on investments for retirees, jeopardizing their financial futures.