New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter F - Public Retirement Systems › Part 136 - Public Retirement Systems › Subpart 136-2 - Standards For The New York State And Local Employees' Retirement System, The New York State And Local Police And Fire Retirement System And The New York State Common Retirement Fund › Section 136-2.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The following words and phrases, as used in this Subpart,
						unless a different meaning is plainly required by the context, shall have the
						following meanings:
(a) Comptroller
					 shall mean the Comptroller of the State of New York in his capacity as
					 administrative head of the retirement system and the sole trustee of the
					 fund.
(b) Consultant or advisor
					 shall mean any person (other than an OSC employee) or entity retained by the
					 fund to provide technical or professional services to the fund relating to
					 investments by the fund, including outside investment counsel and litigation
					 counsel, custodians, administrators, broker-dealers, and persons or entities
					 that identify investment objectives and risks, assist in the selection of
					 investment managers, securities, or other investments, or monitor investment
					 performance.
(c) Family member
					 shall mean any person living in the same household as the Comptroller, and any
					 person related to the Comptroller within the third degree of consanguinity or
					 affinity.
(d) Fund shall mean the
					 New York State Common Retirement Fund, a fund in the custody of the Comptroller
					 as trustee, established pursuant to section 422  of the Retirement and Social Security
					 Law (RSSL), which holds the assets of the retirement system.
(e) Consultant or advisor shall mean any
					 person (other than an OSC employee) or entity retained by the fund to provide
					 technical or professional services to the fund relating to investments by the
					 fund, including outside investment counsel and litigation counsel, custodians,
					 administrators, broker dealers, and persons or entities that identify
					 investment objectives and risks ; assist in the selection of investment
					 managers, securities, or other investments ; or monitor investment
					 performance.
(f) Investment manager
					 shall have the meaning set forth in Retirement and Social Security Law section
					 424-a(2)(a).
(g) Placement agent
					 or intermediary shall have the meaning set forth in Retirement and Social
					 Security Law section 424-a(2)(b).
(h) Placement agent or intermediary shall
					 mean any person or entity, including registered lobbyists, directly or
					 indirectly engaged and compensated by an investment manager (other than a
					 regular employee of the investment manager) to promote investments to or
					 solicit investment by the fund, whether compensated on a flat fee, a contingent
					 fee, or any other basis. Regular employees of an investment manager are
					 excluded from this definition unless they are employed principally for the
					 purpose of securing or influencing the decision to secure a particular
					 transaction or investment by the fund. For purpose of this paragraph, the term
					 employee shall include any person who would qualify as an employee under the
					 Federal Internal Revenue Code of 1986, as amended, but shall not include a
					 person hired, retained or engaged by an investment manager to secure or
					 influence the decision to secure a particular transaction or investment by the
					 fund.
(i) Retirement system shall
					 mean the New York State and Local Employees' Retirement System and the New York
					 State and Local Police and Fire Retirement System.
(j) Third party administrator shall mean any
					 person or entity that contractually provides administrative services to the
					 retirement system, including receiving and recording employer and employee
					 contributions, maintaining eligibility rosters, verifying eligibility for
					 benefits, paying benefits or maintaining any other retirement system records.
					 Administrative services do not include services provided to the fund relating
					 to fund investments.
(k)
					 Unaffiliated person shall mean any person other than:
(1) the Comptroller or a family member of the
					 Comptroller;
(2) an officer or
					 employee of OSC;
(3) an individual
					 or entity doing business with OSC or the fund; or
(4) an individual or entity that has a
					 substantial financial interest in an entity doing business with OSC or the
					 fund. For the purpose of this paragraph, the term substantial financial
					 interest shall mean the control of the entity, whereby control means the
					 possession, direct or indirect, of the power to direct or cause the direction
					 of the management and policies of the entity, whether through the ownership of
					 voting securities, by contract (except a commercial contract for goods or
					 non-management services) or otherwise; but no individual shall be deemed to
					 control an entity solely by reason of his being an officer or director of such
					 entity. Control shall be presumed to exist if any individual directly or
					 indirectly owns, controls or holds with the power to vote 10 percent or more of
					 the voting securities of such entity.