Section 314. Public retirement and pension systems

(a) In this section,
  "system" means an actuarily funded public retirement or  pension  system
  of the state of New York or of a municipality thereof.
    (b)  Notwithstanding  any  other provision of law to the contrary, the
  superintendent shall have, in addition to  any  other  powers  conferred
  upon him by law, the following authority with respect to any system:
    (1)  to require the administrative head or trustees of a system as may
  be appropriate to file an annual report pursuant to  the  provisions  of
  section  three hundred seven of this article in such form and containing
  such matters as the superintendent shall prescribe, and  to  respond  in
  such  form  as the superintendent may require to any inquiry in relation
  to transactions or condition of  the  system  or  any  matter  connected
  therewith  pursuant  to the provisions of section three hundred eight of
  this article;
    (2) to promulgate and amend from time to time, after consultation with
  the  administrative  heads  of  systems  and  after  a  public  hearing,
  standards  with  respect to actuarial assumptions, accounting practices,
  administrative  efficiency,  discharge  of  fiduciary  responsibilities,
  investment policies and financial soundness; and
    (3) to make an examination into the affairs of every system, including
  compliance  with  the  standards  established  pursuant to paragraph two
  hereof, at least once  in  every  five  years  in  accordance  with  the
  provisions of sections three hundred ten, three hundred eleven and three
  hundred  twelve  of  this  article  and  to recover the expenses of such
  examination from such  system  in  accordance  with  the  provisions  of
  section three hundred thirteen of this article. A copy of each report on
  examination  as  filed  for  public inspection shall be forwarded to the
  governor, state comptroller and legislature and, in the case of  systems
  of the city of New York, to the mayor, city comptroller and president of
  the city council.