§ 43. Employment; duties.

(a) Subject to the approval of the Board of Estimates, the Boards of Trustees of the respective retirement systems established under this Article 22 may hire, employ or retain qualified persons or other legal entities as investment advisors. The duties of such investment advisors shall include formulating and recommending to the respective Boards of Trustees, for their adoption, policy to be followed by the said Boards in respect to investment of the retirement systems' funds established under this article, subject to the limitations on the said Boards provided for by this article; and monitoring and evaluating the investment of the retirement systems' funds, and the performance of the investment managers with respect thereto. Payment for such investment advisory services shall be made from the resources of the pension fund or funds.

(b) Nothing herein contained shall be construed to limit in any manner the authority heretofore conferred by this article on the said Boards of Trustees over the investment and management of the said several retirement systems' funds, it being the intention of this section that the investment advisors authorized herein shall advise and make recommendations to the said Boards with respect to general investment policy, but the final determination as to the investment and management of any of the said funds shall remain with the said respective Boards of Trustees.