§ 13. Management of funds. a. The funds of the retirement system shall\nbe managed in accordance with this section.\n b. The comptroller shall be trustee of the several funds of the\nretirement system. Such funds shall be invested by the comptroller in\nsecurities in which he is authorized by law to invest the funds of the\nstate, except that he may invest in obligations consisting of notes,\nbonds, debentures, or equipment trust certificates issued under an\nindenture, which are the direct obligations of, or in the case of\nequipment trust certificates are secured by direct obligations of, a\nrailroad or industrial corporation, or a corporation engaged directly\nand primarily in the production, transportation, distribution, or sale\nof electricity or gas, or the operation of telephone or telegraph\nsystems or waterworks, or in some combination of them; provided the\nobligor corporation is one which is incorporated under the laws of the\nUnited States, or any state thereof, or of the District of Columbia, and\nsaid obligations shall be rated at the time of purchase within the three\nhighest classifications established by at least two standard rating\nservices. The maximum amount that the comptroller may invest in such\nobligations shall not exceed thirty per centum of the assets of the New\nYork state employees' retirement system's funds; and provided further\nthat not more than two and one half per centum of the assets of the New\nYork state employees' retirement system's funds shall be invested in the\nobligations of any one corporation of the highest classification and\nsubsidiary or subsidiaries thereof, that not more than two per centum of\nthe assets of the New York state employees' retirement system's funds\nshall be invested in the obligations of any one corporation of the\nsecond highest classification and subsidiary or subsidiaries thereof,\nthat not more than one and one half per centum of the assets of the New\nYork state employees' retirement system's funds shall be invested in the\nobligations of any one corporation of the third highest classification\nand subsidiary or subsidiaries thereof. He shall, however, be subject to\nall terms, conditions, limitations and restrictions imposed by this\narticle and by law upon the making of such investments. The comptroller\nshall have full power:\n 1. To hold, purchase, sell, assign, transfer or dispose of any of the\nsecurities or investments, in which any of the funds of the retirement\nsystem shall be invested, including the proceeds of such investments and\nany monies belonging to such funds, and\n 2. In his name as trustee, to foreclose mortgages upon default or to\ntake title to real property in such proceedings in lieu thereof and to\nlease and sell real property so acquired.\n c. The comptroller annually shall credit to each of the funds of the\nretirement system regular interest on the mean amount therein for the\npreceding year.\n d. The custody of all funds of the retirement system shall be in the\ncharge of the head of the division of the treasury of the department of\ntaxation and finance, subject to the supervision and control of the\ncommissioner of taxation and finance.\n e. Payment of all pensions, annuities and other benefits shall be made\nas provided in this article. For the purpose of meeting disbursements\nfor pensions, annuities and other payments ordered by the comptroller,\nthe head of such division may keep on deposit an available fund which\nshall not exceed ten per centum of the total amount of the several funds\nof the retirement system. Every such deposit shall be kept only in a\nbank or trust company organized under the laws of this state, or in a\nnational bank located in this state, which shall furnish adequate\nsecurity therefor.\n f. The comptroller, however, shall have a fund in his immediate\npossession. Such fund shall be used for the immediate payment of:\n 1. All pensions, annuities and other benefits, and\n 2. Such expenses
‹ 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.