NY A09627

Designates the New York State Attorney General as the legal adviser to the retirement system and requires the Attorney General to receive requests for investigation and litigation regarding fraudulent practices affecting public retirement systems.

Mandates that upon written request from a trustee of a public retirement system (including the New York State and Local Employees' Retirement System, New York State and Local Police and Fire Retirement System, or other defined public retirement systems), the Attorney General must investigate alleged fraudulent practices within a reasonable time period and commence legal action for restitution when appropriate.

Requires that any final judgments or settlements providing restitution of money or property obtained through fraudulent practices be promptly remitted to the affected public retirement system.

Establishes that public retirement system trustees must reimburse the Attorney General for reasonable investigation, litigation, court fees, expert witness fees, and other related costs incurred in pursuing such actions.

Effective immediately with application to actions or omissions occurring on or after January 1, 2003.