N.Y.C. Admin. Code § 13-283: § 13-283 Trustees of funds; investments.

a. The members of the board shall be the trustees of the monies received by or belonging to the variable supplements fund pursuant to this subchapter and, subject to the provisions of subdivision b of this section, shall have full power to invest same, subject to the terms, conditions, limitations and restrictions imposed by law upon savings banks in the making and disposing of investments by savings banks; and subject to like terms, conditions, limitations and restrictions, such trustees shall have full power to hold, purchase, sell, assign, transfer or dispose of any of the securities or investments in which any of such monies shall have been invested as well as of the proceeds of such investments and of any monies belonging to such fund.

b. The members of the board shall have the same investment powers and power to delegate such powers as are vested by the code and the retirement and social security law in the members of the board of trustees of the pension fund, subchapter two.