New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter F - Public Retirement Systems
Part 136 - Public Retirement Systems
Subpart 136-1 - Standards For Certain Actuarially Funded Public Retirement System
Section 136-1.6 - Discharge of fiduciary responsibilities

(a) The administrative heads are fiduciaries and as such shall act solely in the interests of the members and beneficiaries of the systems they administer. They shall perform their responsibilities in a manner consistent with those of a reasonably prudent person exercising care, skill and caution.

(b) The assets of a system shall at all times be under the control of the administrative head.

(c) No investment or loan transaction shall be made by a system unless the same has been approved by the administrative head. The administrative head may delegate its powers of investment to a committee or agent of the administrative head within well-defined established guidelines. Such committee or agent shall render timely written reports of its activities to the administrative head under a schedule to be established by the administrative head and shall render special reports whenever requested by the administrative head.

(d) In respect to the delegation of investment powers, the administrative head shall periodically review:

(e) The administrative head shall adopt, as shall be deemed necessary, such mortality, service and other tables recommended by the system's actuaries and certify the rates of deduction from compensation and ascertain contributions by the employers computed to be necessary to pay the benefits authorized under the provisions of law. The administrative head shall submit to the superintendent, in writing, reasons for failure to adopt the recommendations of the actuary as presented to it.

(f) The administrative head shall not reverse, reject, or unduly delay the adoption of the recommendations of a system's medical board in the performance of its statutory duty, unless such rejection, reversal or delay is supported by objective reasons recorded in the minutes of the meetings of the administrative head.

(g) The administrative head shall ascertain when contributions to a system are due and institute appropriate procedures to enforce prompt payment thereof. Contributions which are more than three months overdue during a fiscal year shall be reported to the superintendent by a schedule appended to the annual statement filed with the Insurance Department.

(h) The administrative head, and its consultants, agents and employees, shall not:

(i) The administrative head shall record and maintain proper minutes of its meetings, and shall furnish such minutes promptly to the superintendent.