2006 New York Code - Retirement Board; Other Duties.

 
    § 13-518 Retirement board; other duties. a. The retirement board shall
  perform  such  other  functions as are required for the execution of the
  provisions of this chapter.
    b. (1) In addition to the  powers  conferred  upon  it  by  any  other
  provision  of  law, the board of trustees shall on or before April first
  of each year, establish a  budget  sufficient  to  fulfill  the  powers,
  duties  and  responsibilities  set  forth  in this chapter and any other
  provision of law which  sets  forth  the  benefits  of  members  of  the
  retirement system. Said budget shall also include the respective amounts
  deposited  in  the  expense  fund  in  accordance with the provisions of
  subdivision k of section 13-570 of this chapter  and  subdivision  b  of
  section  13-582  of  this  chapter.  The  board  of  trustees  shall, if
  necessary, draw upon the assets of the retirement  system  to  fund  the
  portion  of  such  budget  which  is  not  derived from subdivision k of
  section 13-570 of this chapter and subdivision b of  section  13-582  of
  this  chapter  provided,  that  such  action  shall  be  subject  to the
  provisions of paragraphs two, three, four and five of  this  subdivision
  and subdivisions c and d of this section. The provisions of this section
  shall  not  be applicable to the payment of investment expenses pursuant
  to section 13-705 of the code and  nothing  contained  herein  shall  be
  construed  as  abolishing, limiting, or modifying any power of the board
  of trustees to provide for the payment of investment  expenses  pursuant
  to section 13-705 of the code.
    (2)  If  an expense budget has not been adopted by the commencement of
  the new fiscal year, the expense budget for the  preceding  fiscal  year
  shall be deemed to have been extended for the new fiscal year until such
  time as a new expense budget is adopted.
    (3)  Any  budget  in  effect pursuant to paragraphs one or two of this
  subdivision b shall be modifiable during such succeeding fiscal year.
    (4) Notwithstanding any other provision of law, the board of  trustees
  shall  have  the power either directly or by delegation to the executive
  director, to obtain by employment or by contract the goods, property and
  services necessary  to  fulfill  its  powers  within  the  appropriation
  authorized  by  the  board of trustees pursuant to paragraph one of this
  subdivision.
    (5) The provisions of chapter seventeen of the charter shall  continue
  to  apply  to  the  retirement  system  and  the retirement system shall
  constitute an agency for the purposes of  such  chapter  seventeen.  The
  board  of  trustees shall not obtain any legal services by the retention
  of employees or by contract unless the corporation counsel shall consent
  thereto.
    (6) All contracts for goods or services entered into by the retirement
  system shall be procured  as  prescribed  in  chapter  thirteen  of  the
  charter;  provided,  however,  that where the provisions of such chapter
  thirteen  require  action  by  the  mayor  in  regard  to  a  particular
  procurement  (except  for  mayoral  action  pursuant to subdivision c of
  section three hundred thirty-four of the charter) such action shall  not
  be  taken by the mayor or such appointee of the mayor but shall be taken
  by the board of  trustees  or  the  executive  director  pursuant  to  a
  resolution adopted by the board of trustees delegating such authority to
  the executive director.
    (7)  The  provisions  of  paragraphs  four and six of this subdivision
  shall not apply to any contract or contracts relating  to  the  variable
  annuity  funds  and  tax-deferred  annuity  program  pursuant to section
  13-570 and section 13-582 of this chapter.
    c. Employment by the retirement system shall  constitute  city-service
  for  the  purposes of chapter one of this title; provided, however, that
  nothing contained herein  shall  be  construed  as  granting  membership


  rights in the New York city employees' retirement system to a contractor
  of  the  retirement  system or such contractor's employees. Employees of
  the retirement system shall be deemed employees of the city of New  York
  for  the purposes of chapter thirty-five of the charter and title twelve
  of the code.
    d. In the event that the assets of the  retirement  system  are  drawn
  upon  pursuant  to  the  provisions of paragraph one of subdivision b of
  this section all monies so withdrawn shall be made a charge to  be  paid
  by  each participating employer otherwise required to make contributions
  to the retirement system no later than the end of the fiscal  year  next
  succeeding the time period during which such assets were drawn upon. The
  actuary shall calculate and allocate to each such participating employer
  its  share  of such charge by multiplying such charge by a fraction, the
  numerator of which shall consist of the total salaries of the  employees
  of  each  participating employer as of the June thirtieth succeeding the
  withdrawal of assets and the denominator of which shall consist  of  the
  total  salaries  of  members  of  the  retirement system as of such June
  thirtieth. All charges to be paid pursuant to this subdivision shall  be
  paid  at  the  regular  rate  of  interest  utilized  by  the actuary in
  determining employer contributions to the retirement system pursuant  to
  the  provisions of paragraph two of subdivision b of section 13-638.2 of
  the code.