N.Y. RSS Law § 423

§ 423. Investments. a. On and after April first, nineteen hundred\nsixty-seven, the comptroller shall invest the available monies of the\ncommon retirement fund in any investments and securities authorized by\nlaw for each retirement system and shall hold such investments in his\nname as trustee of such fund, notwithstanding any other provision of\nthis chapter. Participating interests in such investments shall be\ncredited to each retirement system in the manner and at the time\nspecified in paragraph two of section four hundred twenty-two of this\narticle.\n b. To assist in the management of the monies of the common retirement\nfund, the comptroller shall appoint an investment advisory committee\nconsisting of not less than seven members who shall serve for his term\nof office. A vacancy occurring from any cause other than expiration of\nterm shall be filled by the comptroller for the remainder of the term.\nEach member of the committee shall be experienced in the field of\ninvestments and shall have served, or shall be serving, as a senior\nofficer or member of the board of an insurance company, banking\ncorporation or other financial or investment organization authorized to\ndo business in the state of New York. The committee shall advise the\ncomptroller on investment policies relating to the monies of the common\nretirement fund and shall review, from time to time, the investment\nportfolio of the fund and make such recommendations as may be deemed\nnecessary.\n The comptroller shall appoint a separate mortgage advisory committee,\nwith the advice and consent of the investment advisory committee, to\nreview proposed mortgage and real estate investments by the common\nretirement fund. In making investments, as authorized by law, the\ncomptroller shall be guided by policies established by each committee\nfrom time to time; and, in the event the mortgage advisory committee\ndisapproves a proposed mortgage or real estate investment, such shall\nnot be made.\n No officer or employee of any state department or agency shall be\neligible for membership on either committee. Each committee shall\nconvene periodically on call of the comptroller, or on call of the\nchairman. The members of each committee shall be entitled to\nreimbursement for their actual and necessary expenses but shall receive\nno compensation for their services.\n