N.Y. Insurance Law § 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 of

this section, 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

subsection (f) of section two hundred six of the financial services law.

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.