N.Y.C. Admin. Code § 13-622: § 13-622 Duties of trustees.

Such board of trustees shall have charge of and administer such fund. From time to time such board shall invest the same, or any part thereof, as they shall deem most beneficial to such fund and shall liquidate the assets of such fund to provide moneys to make payments pursuant to the provisions of this subchapter. Such board is empowered to make all necessary contracts, take all necessary and proper actions and proceedings in the premises; and make payments from such fund of pensions, allowances, benefits, grants, awards and payments granted in pursuance of this subchapter. Such trustees from time to time shall establish such rules and regulations for the administration of such fund as they may deem best. No payments whatever shall be allowed to, or made by, such trustees as reward, gratuity or compensation to any person for salary or services rendered to, or for, such board of trustees.