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 136-1.9 - Implementation

(a) Failure to implement provisions of applicable law shall be regarded as a breach of fiduciary responsibility.

(b) Any administrative head, executive or employee of a pension system subject to supervision by the Superintendent of Insurance who wilfully violates or knowingly participates in a violation of any standard promulgated pursuant to section 314 of the Insurance Law shall be guilty of a breach of fiduciary responsibility.

(c) In any case where, after notice and a hearing, the superintendent finds that any public pension fund has been depleted by reason of any wrongful or negligent act or omission of the administrative head, executive, employee or any other person having a fiduciary responsibility for a fund, he may transmit a copy of his findings to the Attorney General, who may proceed according to statute.

(d) The Superintendent of Insurance may, after notice and hearing, transmit a finding of breach of fiduciary responsibility to the person or organization empowered to remove said trustee or other person.