New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 330 - Real Estate Advisory Committee
Section 330.1 - Background and determination

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 330.1

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Whereas, the Retirement and Social Security Law establishes the Comptroller as trustee and administrative head of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System, with power to adopt rules and regulations for, among other things, the transaction of business of the systems and the custody and control of their funds (Retirement and Social Security Law, sections 11, 13, 311, 313);

(b) Whereas, the "Common Retirement Fund" Act (sections 420 et seq. of the Retirement and Social Security Law) establishes under the custody of the Comptroller, as trustee, a Common Retirement Fund consisting of the assets of the two systems;

(c) Whereas, the Comptroller in 1959 established the Mortgage Advisory Committee to advise him in regard to investments in mortgages and real estate;

(d) Whereas, the "Common Retirement Fund" Act was amended in 1970 to give statutory status to the committee, providing that the Comptroller shall appoint a Mortgage Advisory Committee with the advice and consent of the Investment Advisory Committee to review proposed mortgage and real estate investments by the Common Retirement Fund; and

(e) Whereas, because the Mortgage Advisory Committee reviews proposed real estate investments as well as proposed mortgage investments by the Common Retirement Fund, the committee is more appropriately referred to as the "Real Estate Advisory Committee"; and

(f) Whereas, in order to accomplish the purpose of such amendment and to provide more specifically for the organization and operation of the Real Estate Advisory Committee, the Comptroller desires to establish rules in regard to such matters as the number of members of the committee, their appointment, the procedures whereby the committee transacts its business, the review of committee recommendations, ethical standards, and other related matters--this Part is hereby adopted.

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