New York Officials Propose Pension Fund Regulations

The Empire State comptroller’s office and insurance department are updating the rules governing the $154 billion New York State Common Retirement Fund.

The proposed rules will create a new audit committee; require an actuarial committee to review actuarial standards; establish new standards for evaluating investment performance and risk; and require the development of new conflict-of-interest disclosure and reporting standards for the comptroller, pension fund consultants and investment managers, officials say.

The fund will have to post its investment objectives, guidelines, limits and performance, and risk evaluation standards on the Web.