§ 5. Deferred compensation. 1. The deferred compensation board is\nhereby established, to consist of one member appointed by the governor,\none member appointed by the temporary president of the senate and one\nmember appointed by the speaker of the assembly. The board shall adopt\nrules and regulations regarding the standards and requirements of all\ndeferred compensation plans established pursuant to this section,\nincluding selection of financial organizations for investment purposes.\n 2. a. Notwithstanding any other provision of law, the deferred\ncompensation board shall establish a deferred compensation plan, under\nthe provisions of section four hundred fifty-seven of the internal\nrevenue code and regulations adopted pursuant thereto, for all state\nemployees and shall promulgate rules and regulations as soon as is\nreasonably practicable following the appointment of all members of the\nboard for the appropriate administration of such a plan.\n b. The board shall enter into written agreements with one or more\nfinancial organizations to administer the deferred compensation plan for\nstate employees and to invest funds held pursuant to such plan. Any such\nwritten agreement and deferred compensation plan shall conform with the\nprovisions of section four hundred fifty-seven of the internal revenue\ncode and regulations adopted pursuant thereto.\n c. Within the discretion of the deferred compensation board and in\naccordance with and subject to its fiduciary duty and obligations to the\ndeferred compensation plan for state employees and to the members and\nbeneficiaries of such plan and such other investment limitations as may\nbe prescribed by this chapter, the deferred compensation board is\nauthorized to establish an MWBE asset management and financial\ninstitution strategy including reasonable goals for utilization of MWBE\nasset managers, MWBE financial institutions and MWBE professional\nservice firms, which shall include, but shall not be limited to, the\nfollowing objectives:\n (i) conducting procurement procedures in a manner that will assure the\ninclusion of MWBE asset managers in any request for proposal or search\nprocess for asset management services undertaken in accordance with the\nrules and regulations and of the board;\n (ii) subject to best execution policies, developing a strategy to (1)\nconduct trades of public equity securities with MWBE financial\ninstitutions and (2) conduct trades of fixed-income securities through\nMWBE financial institutions;\n (iii) conducting procurement procedures in a manner that will assure\nthe inclusion of MWBE financial institutions and other MWBE professional\nservice firms in procurements for services that include accounting,\nbanking, financial advisory, insurance, legal, research, valuation and\nother financial and professional services that are undertaken in\naccordance with the rules and regulations of the board;\n (iv) cooperating with other fiduciary controlled entities and state\nagencies and offices to identify MWBE asset managers, MWBE financial\ninstitutions and MWBE professional service firms.\n As used in this section, the terms "MWBE asset manager", "MWBE\nfinancial institutions", "MWBE", "fiduciary-controlled entities" and\n"best execution" shall have the meanings specified in section one\nhundred seventy-six of the retirement and social security law.\n d. The board is also authorized to:\n (i) periodically provide notice of the existence of such strategy so\nthat MWBE asset managers, MWBE financial institutions and other MWBE\nprofessional service firms are made aware of the opportunities made\navailable pursuant to this strategy;\n (ii) within sixty days of the end of each fiscal year following the\neffective date of this paragraph, the board shall report to the\ngovernor, legislature and the chief diversity officer of the state of\nNew York on the participation of MWBE asset managers, MWBE financial\ninstitutions and MWBE professional se
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