NY Educ L § 507 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 507 - Officers of Board; Custody of Funds.

§ 507. Officers  of  board; custody of funds.  1. The retirement board   shall elect from its membership  a  president  and  vice-president,  and   shall  have  power  to  employ a secretary and to secure the services of   such technical and administrative employees as may be necessary for  the   transaction  of  the business of the retirement system. The compensation   of all persons engaged by the retirement board and all other expenses of   the board necessary for the proper operation of  the  retirement  system   shall  be paid at such rates and in such amounts as the retirement board   shall approve.2. The retirement board shall appoint a counsel to serve as its  legal   adviser.3.  The  head  of  the  division  of the treasury in the department of   taxation and finance  shall  be  the  custodian  of  the  funds  of  the   retirement  system, except any asset consisting of evidence of a loan to   a member of the retirement  system  pursuant  to  section  five  hundred   twelve-b  which  such  asset  shall  be in the custody of the retirement   board. Disbursements from the funds of the retirement  system  shall  be   made  by  the  custodian or such person as may be authorized by him only   upon warrants signed by a member of the retirement board, or an official   thereof, authorized to do so by resolution of the board duly adopted  at   a meeting of the board by a majority of its members. The commissioner of   taxation  and  finance  shall  authorize  a person who in the absence or   disability of the head of the division of the treasury in the department   of taxation and finance shall exercise and perform the functions, powers   and duties conferred or imposed on the  head  of  the  division  of  the   treasury  in  the department of taxation and finance as the custodian of   the funds of the retirement system, and such person so authorized  shall   continue  to  exercise  and  perform  such  functions, powers and duties   during any period that the office of the head of  the  division  of  the   treasury in the department of taxation and finance is vacant.4.  The  custodian  shall  furnish  annually to the retirement board a   sworn statement of the amount of the funds in his custody  belonging  to   the retirement system.6.  The  retirement  board  shall  appoint  a  medical  board of three   physicians who shall hold office  at  the  pleasure  of  the  retirement   board.  Such  medical  board  shall  meet at regular intervals and shall   perform such duties as are assigned  to  it  by  the  retirement  board,   including,  but  not limited to, a review of applications for disability   retirement and a review  of  the  continued  disablement  of  pensioners   retired for disability. The medical board shall report to the retirement   board  its  recommendation  approving  or  disapproving  each disability   retirement application. The medical board may designate other physicians   to make such medical examinations of a disability applicant  as  it  may   require and shall review the findings of such physicians prior to making   its own recommendation to the retirement board.7.  a. The system shall save harmless and indemnify all members of the   retirement board, officers and employees of the  system  from  financial   loss  arising  out  of  any claim, demand, suit or judgment by reason of   alleged negligence or  other  act  by  such  board  member,  officer  or   employee  provided  that  such  board member, officer or employee at the   time of such alleged negligence or act was acting in  the  discharge  of   his  duties and within the scope of his employment and that such damages   did not result from the willful and wrongful act or gross negligence  of   such  board  member,  officer or employee and provided further that such   board member, officer or employee shall, within five days of the time he   is served with  any  summons,  complaint,  process,  notice,  demand  or   pleading,  deliver  the original or a copy thereof to the system's legal   advisor. b. Upon such delivery the system's legal advisor may assume control of   the representation of such board member, officer or employee. Such board   member, officer or employee shall  cooperate  fully  with  the  system's   legal advisor's defense.c.  This  section  shall  not  in  any way impair, limit or modify the   rights and obligations of any insurer under any policy of insurance.d. The benefits of this section shall inure  only  to  board  members,   officers  and  employees of the system and shall not enlarge or diminish   the rights of any other party.8. Notwithstanding the provisions of subdivision seven of this section   and in lieu thereof, the retirement board may, by adoption  of  a  board   regulation, provide for the indemnification and defense by the system of   members  of  the  retirement  board  and  employees  of  the  system  in   accordance with section eighteen of the public officers law.