§ 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.