(a) Section 314(b) of the Insurance Law authorizes the Superintendent of Financial Services to promulgate certain standards with respect to the public retirement and pension systems of the State of New York or of a municipality thereof. Specifically, subsection (b) states as follows:

“(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:

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(b) This subpart establishes standards for the management of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System (hereinafter, collectively, “the retirement system”), and the New York State Common Retirement Fund (hereinafter “the fund”). These standards are intended to assure that the conduct of the business of the retirement system and the fund, and of the State Comptroller (as administrative head of the retirement system and as sole trustee of the fund) are consistent with the following principles:

1. (1) the retirement system and the fund shall operate under a strong governance framework with a rigorous system of internal controls;
2. (2) the retirement system and the fund shall maintain a high level of operational transparency;
3. (3) the Comptroller shall adhere to and manage the retirement system and the fund with the highest ethical, professional and conflict of interest standards;
4. (4) the Comptroller shall have a fiduciary responsibility to act for the sole benefit of the retirement system’s members and beneficiaries; and
5. (5) the retirement system and the fund shall be managed in the most efficient and effective manner possible.