I can’t believe it but New York finally did it! The Assembly and Senate passed UPMIFA (see other posts for what it is)! Looks like NY will be the 47th State to pass it. Sorry PA and FL.
Anyway, the bill is waiting for the Governor to sign it (likely at the end of August). No obvious reasons why he won’t sign it.
Now we need to read the fine print. It includes a 7% presumption of imprudence (based on 5 yr rolling average or from inception if under 5yrs old). But, the doozy is the requirement to send opt-out notices to all existing permanent endowment funds. That should be fun.
More to come on this.
Look up bill A07907 on this website http://assembly.state.ny.us/leg/ if you need to read it.
Did he sign it? When does it become effective?
It hasn’t been put in front of the Governor, yet (as of today). I keep checking. They bring groups of passed laws to the governor for his signature – once he gets it, he has 10 days to sign or veto it, or it vetoes as a “pocket veto” if he doesn’t sign it by the end of the 10 days.
I am hoping to do some rallying of support once it gets to the Governor.