N.Y. Comp. Codes R. & Regs. tit. 11 § 136-2.3 : INSURANCE — Financial Condition Of Insurer and Reports to Superintendent — Public Retirement Systems — Public Retirement Systems —2 - Standards For The New York State And Local Employees' Retirement System, The New York State And Local Police And Fire Retirement System And The New York State Common Retirement Fund —2.3 - Fiduciary responsibilities

(a) The Comptroller is a fiduciary and as such shall act solely in the interests of the members and beneficiaries of the retirement system. At all times the Comptroller shall perform his or her responsibilities with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
(b) The fund shall at all times be under the control of the Comptroller, who shall adopt an investment policy statement and any amendments to such as needed. Key elements of an investment policy statement shall include, without limitation:
(1) investment purpose;
(2) investment objectives;
(3) roles and responsibilities of the Comptroller, and the Comptroller's staff and committees, with respect to investments of the assets of the fund;
(4) investment guidelines and limits encompassing all types of investments;
(5) asset allocation targets, including procedures for rebalancing;
(6) standards for measuring investment performance and evaluating investment risk; and
(7) any other guidelines adopted by the Comptroller with respect to specific investment related issues, including, but not limited to, securities lending, proxy voting, brokerage, and securities litigation.
(c) No investment or loan transaction shall be made by the fund unless the same has been approved in writing by the Comptroller. The Comptroller may delegate his or her powers of investment to a committee or agent of the Comptroller in accordance with the fund's investment policy statement. Such committee or agent shall render timely written reports of its activities to the Comptroller under a schedule to be established by the Comptroller, and shall render special reports whenever requested by the Comptroller. The Comptroller shall furnish any such reports promptly upon the request of the superintendent.
(d) In respect to the delegation of investment powers, the Comptroller shall regularly review:
(1) the present holdings in the investment account;
(2) any material changes in the account during the preceding period;
(3) the reasons for such changes and the results achieved thereby;
(4) the investment activity in the account including the rate of turnover; and
(5) any other factors that the Comptroller considers pertinent to an analysis of financial performance and planning, consistent with his or her obligation as a fiduciary.
(e) The Comptroller shall adopt, as shall be deemed necessary, such mortality, service and other tables recommended by the retirement system's actuary and certify the rates of deduction from compensation and ascertain contributions by the employers computed to be necessary to pay the benefits authorized under the provisions of law. The Comptroller shall also submit to the superintendent, in writing, the reasons for the decision not to adopt such recommendations presented by the retirement system's actuary.
(f) The Comptroller shall not reverse, reject, or unduly delay the adoption of the recommendations of the retirement system's medical board in the performance of its statutory duty, unless such rejection, reversal or delay is supported by objective reasons stated, in writing, by the Comptroller.
(g) The Comptroller shall ascertain when contributions to the retirement system are due and institute appropriate procedures to enforce prompt payment thereof. Contributions for a fiscal year which are more than three months overdue shall be reported to the superintendent by a schedule appended to the annual statement filed with the Insurance Department.
(h) Neither the Comptroller, nor any consultant or advisor, investment manager, agent or employee, shall:
(1) deal in the assets of the retirement system or the fund for his or her own account;
(2) act in any capacity in any transaction involving the retirement system or the fund on behalf of a party whose interests are adverse to the retirement system or the fund;
(3) receive any consideration from any party other than OSC, the retirement system or the fund in connection with a transaction involving the retirement system or the fund; or
(4) own or maintain any indicia of ownership or personal interest in any assets of the retirement system or the fund other than an interest in the retirement system as a member or beneficiary.
(i) The Comptroller shall require proper minutes of meetings of any committee established by law, regulation or the Comptroller. The Comptroller shall furnish such minutes promptly upon the request of the superintendent.
(j) The Comptroller shall be responsible for ensuring that all members of any committees established by law or regulation or by the Comptroller to assist in the management of the retirement system or in the investment of the assets of the fund have been:
(1) provided with appropriate information pertaining to their duties and their fiduciary and ethical responsibilities; and
(2) provided training with respect to discharge of their fiduciary duties and responsibilities to the fund.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 136-2.3