New York state Comptroller Thomas DiNapoli signed an order Wednesday banning certain political contributions connected to the state's $116.5 billion pension fund.

DiNapoli's new regulation prevents investors who donate money to a state comptroller, or a candidate for the office, from securing business with the pension fund for two years after they make a campaign contribution.

The ban only applies to future campaign contributions, meaning that companies already doing business with the pension fund may still make political contributions. DiNapoli said the rule adheres to initial guidelines released by the U.S. Securities and Exchange Commission as it pursues a policy of its own.

"Pay-to-play has no place in the management of pension funds," DiNapoli said. "We're ahead of the curve on this."

DiNapoli is the trustee of the pension fund, which has just more than 1 million workers, retirees and beneficiaries.

A former state assemblyman who was appointed as comptroller in 2007, DiNapoli's term ends next year, and he is running for election.

The ban is a reaction to the ongoing investigation and prosecution of people allegedly involved in a "pay-to-play" kickback scheme under former Comptroller Alan Hevesi. DiNapoli was tapped to replace Hevesi after he resigned.

To date, state Attorney General Andrew Cuomo has indicted at least two former Hevesi aides. Hevesi pleaded guilty to a felony in late 2006 in a deal that enabled him to avoid going to prison.

"We will not cease in our efforts to promote needed reforms," Cuomo said in a statement, noting that his office had developed a similar ban on "pay-to-play" activities.

Earlier this year, DiNapoli banned firms from hiring so-called "placement agents" and other middlemen to help secure investments from the fund. The ban affects anyone "compensated on a flat fee, a contingent fee or any other basis" to do business with the fund.