§ 314. Public retirement and pension systems. (a) In this section,\n"system" means an actuarily funded public retirement or pension system\nof the state of New York or of a municipality thereof.\n (b) Notwithstanding any other provision of law to the contrary, the\nsuperintendent shall have, in addition to any other powers conferred\nupon him by law, the following authority with respect to any system:\n (1) to require the administrative head or trustees of a system as may\nbe appropriate to file an annual report pursuant to the provisions of\nsection three hundred seven of this article in such form and containing\nsuch matters as the superintendent shall prescribe, and to respond in\nsuch form as the superintendent may require to any inquiry in relation\nto transactions or condition of the system or any matter connected\ntherewith pursuant to the provisions of section three hundred eight of\nthis article;\n (2) to promulgate and amend from time to time, after consultation with\nthe administrative heads of systems and after a public hearing,\nstandards with respect to actuarial assumptions, accounting practices,\nadministrative efficiency, discharge of fiduciary responsibilities,\ninvestment policies and financial soundness; and\n (3) to make an examination into the affairs of every system, including\ncompliance with the standards established pursuant to paragraph two of\nthis section, at least once in every five years in accordance with the\nprovisions of sections three hundred ten, three hundred eleven and three\nhundred twelve of this article and to recover the expenses of such\nexamination from such system in accordance with the provisions of\nsubsection (f) of section two hundred six of the financial services law.\nA copy of each report on examination as filed for public inspection\nshall be forwarded to the governor, state comptroller and legislature\nand, in the case of systems of the city of New York, to the mayor, city\ncomptroller and president of the city council.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.