N.Y. Retirement & Social Security Law § 422: Establishment of a common retirement fund

§ 422. Establishment of a common retirement fund. 1. There is hereby

established a fund, in the custody of the comptroller, to be known as

the common retirement fund. Notwithstanding any other provision of this

chapter, all of the assets and income of the employees' retirement

system and of the police and fire retirement system shall be held by the

comptroller as trustee of such fund, except as such assets and income

may be allocated or distributed to the funds of each retirement system

by the comptroller.

2. The fund shall consist initially of the total assets of the

employees' retirement system as of March thirty-first, nineteen hundred

sixty-seven, as such assets are defined in subdivision a of section two

hundred ninety-three of this chapter. After the annual valuation of the

assets and liabilities of the employees' retirement system and the

determination relating to assets and liabilities required by subdivision

b of section two hundred ninety-three of this chapter, the comptroller

shall credit to each retirement system a participating interest in the

assets of such fund in the proportion and percentage that the assets of

each retirement system bear to the total assets of the common retirement

fund. On March thirty-first, nineteen hundred sixty-eight, and at the

close of each succeeding fiscal year, the comptroller shall credit each

retirement system with a participating interest in such fund in the

proportion and percentage that the interest attributable to each

retirement system bears to the total assets of such fund, after

considering contributions, earnings, disbursements and expenses

attributable to each system.