This edition contains a new heading Entity or Individual with Authority to Invest Assets. In some states, the retirement system board invests the assets. In others, some other entity does. The heading will allow the reader to more easily see who is responsible for investments. The survey indicates a high degree of regulation among the states.
All states adhere to a fiduciary rule.
All have criminal laws that apply to fiduciaries who breach their duties. Most have extensive codes of ethics or conflicts of interest laws that regulate the activity of state officials and employees, including those involved in the retirement systems. All states have either common law or statutory trust remedies. Also pointed out in the survey are the checks and balances that exist in state retirement system regulation. The lists also prohibit, in some cases, any investment of system assets in certain types of investments.