2023 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.