N.Y. Comp. Codes R. & Regs. tit. 11, § 136-2.5 – Transparency and financial reporting.

(a) All records, including work papers for the preparation of the annual statement filed with the superintendent, shall be available to the department’s examiners and be maintained in accordance with the requirements of 11 NYCRR Part 243 (Regulation No. 152).
(b) The Comptroller shall require that all agreements with consultants or advisors, investment managers, or third party administrators include provisions that require the person or entity to:
1. (1) submit to a review by the superintendent concerning fees paid by the fund and services rendered to the fund; and
2. (2) respond in writing to any inquiry or request for information by the superintendent concerning fees paid by the fund and services rendered to the fund.
(c) Books of account and records of the retirement system and of the fund shall be maintained by fiscal year for which the retirement system files reports.
(d) The Comptroller shall maintain a classification of its accounts, numbered and titled, together with an accurate description of the content of each account by debit and credit. The classification of accounts shall be consistent with the requirements of the accounting and financial reporting standards of the Governmental Accounting Standards Board and of any other reporting requirement judged to be necessary by the superintendent.
(e) The Comptroller shall maintain records that set forth the expenses incurred by the retirement system and the fund on their behalf in the course of operations.
(f) The Comptroller shall have on his or her staff an internal auditor who shall report to the Comptroller and shall submit regular reports of the audits of the retirement system’s and fund’s records, accounting procedures, and investment operations, including recommendations for improvement and correction. The Comptroller shall require the internal auditor to conduct audits on an annual basis based on risk assessment criteria of the operations of the retirement system and the fund, including audits of business relationships with the retirement system and the fund. The Comptroller shall share all internal and external audit reports related to the retirement system and the fund with the audit committee. The Comptroller shall furnish any such reports promptly upon the request of the superintendent.
(g) The Comptroller shall:
1. (1) file with the superintendent an annual statement in the format prescribed by section 307 of the Insurance Law, including the retirement system’s financial statement, together with an opinion of an independent certified public accountant on the financial statement;
2. (2) file with the superintendent the comprehensive annual financial report within the time prescribed by law, but no later than the time it is published on the OSC public website;
3. (3) disclose on the OSC public website, on at least an annual basis, all fees paid by the fund to investment managers, consultants or advisors, and third party administrators;
4. (4) disclose on the OSC public website the fund’s investment policies and procedures; and
5. (5) require fiduciary and conflict of interest reviews of the fund every three years by a qualified unaffiliated person.