§ 313. Management of funds. a. The funds of the police and fire\nretirement system shall be managed in accordance with this section.\n b. The comptroller shall be trustee of the several funds of the police\nand fire retirement system. Such funds shall be invested by the\ncomptroller in securities in which he or she is authorized by law to\ninvest the funds of the state, except that he or she may invest in\nobligations consisting of notes, bonds, debentures or equipment trust\ncertificates issued under an indenture, which are the direct obligations\nof, or in the case of equipment trust certificates are secured by direct\nobligations of, a railroad or industrial corporation, or a corporation\nengaged directly and primarily in the production, transportation,\ndistribution, or sale of electricity, or gas, or the operation of\ntelephone or telegraph systems or waterworks, or in some combination of\nthem; provided the obligor corporation is one which is incorporated\nunder the laws of the United States, or any state thereof, or of the\nDistrict of Columbia, and said obligations shall be rated at the time of\npurchase within the three highest classifications established by at\nleast two standard rating services. The maximum amount that the\ncomptroller may invest in such obligations shall not exceed thirty per\ncentum of the assets of the New York state police and fire retirement\nsystem's funds; and provided further that not more than two and one-half\nper centum of the assets of the New York state police and fire\nretirement system's funds shall be invested in the obligations of any\none corporation of the highest classification and subsidiary or\nsubsidiaries thereof, that not more than two per centum of the assets of\nthe New York state police and fire retirement system's funds shall be\ninvested in the obligations of any one corporation of the second highest\nclassification and subsidiary or subsidiaries thereof, that not more\nthan one and one-half per centum of the assets of the New York state\npolice and fire 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 or she shall, however, be\nsubject to all terms, conditions, limitations and restrictions imposed\nby this article and by law upon the making of such investments. The\ncomptroller shall 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 police and\nfire retirement system shall be invested, including the proceeds of such\ninvestments and any monies belonging to such funds, and\n 2. In his or her name as trustee, to foreclose mortgages upon default\nor to take title to real property in such proceedings in lieu thereof\nand to lease and sell real property so acquired.\n c. The comptroller annually shall credit to each of the funds of the\npolice and fire retirement system regular interest on the mean amount\ntherein for the preceding year.\n d. The custody of all funds of the police and fire retirement system\nshall be in the charge of the head of the division of the treasury of\nthe department of taxation and finance, subject to the supervision and\ncontrol of the commissioner 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 police and fire retirement system. Every such deposit shall be\nkept only in a bank or trust company organized under the laws of this\nstate, or in a national bank located in this state, which shall furnish\nadequate security therefor.\n f. The comptroller, however, shall have a fund in his or h
‹ 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.