New York Consolidated Laws, General Business Law - GBS § 1307. Investment options

(a) a conservative principal protection fund;

(b) a growth fund;

(c) a secure return fund whose primary objective is the preservation of the safety of principal and the provision of a stable and low-risk rate of return;  if the board elects to establish a secure return fund, the board may procure any insurance, annuity, or other product to insure the value of enrollees' accounts and guarantee a rate of return;  the cost of such funding mechanism shall be paid out of the fund;  under no circumstances shall the board, program, fund, the state, or any participating employer assume any liability for investment or actuarial risk;  the board shall determine whether to establish or authorize such investment options based upon an analysis of their cost, risk profile, benefit level, feasibility, and ease of implementation;

(d) an annuity fund;

(e) a growth and income fund;  or

(f) a life cycle fund with a target date based upon factors determined by the board.