N.Y. Retirement & Social Security Law § 423: Investments

§ 423. Investments. a. On and after April first, nineteen hundred

sixty-seven, the comptroller shall invest the available monies of the

common retirement fund in any investments and securities authorized by

law for each retirement system and shall hold such investments in his

name as trustee of such fund, notwithstanding any other provision of

this chapter. Participating interests in such investments shall be

credited to each retirement system in the manner and at the time

specified in paragraph two of section four hundred twenty-two of this

article.

b. To assist in the management of the monies of the common retirement

fund, the comptroller shall appoint an investment advisory committee

consisting of not less than seven members who shall serve for his term

of office. A vacancy occurring from any cause other than expiration of

term shall be filled by the comptroller for the remainder of the term.

Each member of the committee shall be experienced in the field of

investments and shall have served, or shall be serving, as a senior

officer or member of the board of an insurance company, banking

corporation or other financial or investment organization authorized to

do business in the state of New York. The committee shall advise the

comptroller on investment policies relating to the monies of the common

retirement fund and shall review, from time to time, the investment

portfolio of the fund and make such recommendations as may be deemed

necessary.

The comptroller shall appoint a separate 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. In making investments, as authorized by law, the

comptroller shall be guided by policies established by each committee

from time to time; and, in the event the mortgage advisory committee

disapproves a proposed mortgage or real estate investment, such shall

not be made.

No officer or employee of any state department or agency shall be

eligible for membership on either committee. Each committee shall

convene periodically on call of the comptroller, or on call of the

chairman. The members of each committee shall be entitled to

reimbursement for their actual and necessary expenses but shall receive

no compensation for their services.