Specifications include, but are not limited to: conduct a fiduciary and conflict of interest review of the Fund for the three-year period of April 1, 2021 – March 31, 2024 (“Covered Period”). The review will cover the investment-related operations of the Fund set out below; it will not cover the administrative operations of the System (i.e., the administration of retirement benefits to participants). Task 1: Evaluate compliance with Fund investment policies and procedures, and compliance with DFS Regulations, for every transaction requiring Comptroller approval that closed during the Covered Period. Task 2: Review the Fund’s asset allocation process as more specifically set forth in Section 5.2 below. Task 3: Based upon the above matters examined in the course of this fiduciary and conflict of interest review, evaluate whether the Fund continues to be in compliance with the fiduciary principles set out in the DFS Regulations. Task 4: Recommend improvement opportunities identified in the course of this review, if any, to the Fund’s investment-related policies, procedures, and practices to bring them in line with prevailing and/or best practices.
