2019 New York Laws
ISC - Insurance
Article 3 - Administrative and Procedural Provisions
314 - Public Retirement and Pension Systems.

§  314.  Public  retirement  and pension systems. (a) In this section,
"system" means an actuarily funded public retirement or  pension  system
of the state of New York or of a municipality thereof.
  (b)  Notwithstanding  any  other provision of law to the contrary, the
superintendent shall have, in addition to  any  other  powers  conferred
upon him by law, the following authority with respect to any system:
  (1)  to require the administrative head or trustees of a system as may
be appropriate to file an annual report pursuant to  the  provisions  of
section  three hundred seven of this article in such form and containing
such matters as the superintendent shall prescribe, and  to  respond  in
such  form  as the superintendent may require to any inquiry in relation
to transactions or condition of  the  system  or  any  matter  connected
therewith  pursuant  to the provisions of section three hundred eight of
this article;
  (2) to promulgate and amend from time to time, after consultation with
the  administrative  heads  of  systems  and  after  a  public  hearing,
standards  with  respect to actuarial assumptions, accounting practices,
administrative  efficiency,  discharge  of  fiduciary  responsibilities,
investment policies and financial soundness; and
  (3) to make an examination into the affairs of every system, including
compliance  with  the  standards  established  pursuant to paragraph two
hereof, at least once  in  every  five  years  in  accordance  with  the
provisions of sections three hundred ten, three hundred eleven and three
hundred  twelve  of  this  article  and  to recover the expenses of such
examination from such  system  in  accordance  with  the  provisions  of
section three hundred thirteen of this article. A copy of each report on
examination  as  filed  for  public inspection shall be forwarded to the
governor, state comptroller and legislature and, in the case of  systems
of the city of New York, to the mayor, city comptroller and president of
the city council.