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 136-2 - Standards For The New York State And Local Employees' Retirement System, The New York State And Local Police And Fire Retirement System And The New York State Common Retirement Fund
Section 136-2.1 - Purpose
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Section 314 (b) of the Insurance Law authorizes the Superintendent of Financial Services to promulgate certain standards with respect to the public retirement and pension systems of the State of New York or of a municipality thereof. Specifically, subsection (b) states as follows:
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(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..."
(b) This subpart establishes standards for the management of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System (hereinafter, collectively, "the retirement system"), and the New York State Common Retirement Fund (hereinafter "the fund"). These standards are intended to assure that the conduct of the business of the retirement system and the fund, and of the State Comptroller (as administrative head of the retirement system and as sole trustee of the fund) are consistent with the following principles:
