Section 293. Transfer of assets and liabilities

a. As used in this
  section, "assets of the employees' retirement system" means  the  assets
  of  such  system  as shown on page four of the annual report as of March
  thirty-first, nineteen hundred sixty-seven, prepared for  the  New  York
  state  insurance  department;  "liabilities of the employees' retirement
  system" means the liabilities of such system as shown on  page  five  of
  the   annual   report   as   of  March  thirty-first,  nineteen  hundred
  sixty-seven, prepared for the New York state insurance department.
    b. After the annual valuation of the assets  and  liabilities  of  the
  funds  of  the employees' retirement system required by subdivision d of
  section eleven of this  chapter  and  on  the  basis  of  the  actuarial
  information  available  to  him  on March thirty-first, nineteen hundred
  sixty-seven, the comptroller shall determine the  total  amount  of  the
  assets  and  liabilities  of  the  employees'  retirement system and the
  percentage  of  such  assets  and  the  amount   of   such   liabilities
  attributable to policemen and firemen and all other persons transferred.
  After   such   determination,   and  subject  to  the  approval  of  the
  superintendent  of  insurance,  the  comptroller  shall  transfer   such
  percentage of the total assets and the amount of such liabilities of the
  employees'  retirement  system  to  the retirement system established by
  this article. Each category of such assets, including but not limited to
  such categories as government bonds,  corporate  bonds,  common  stocks,
  mortgages   insured   under   the  National  Housing  Act,  conventional
  mortgages, etc. so transferred, shall constitute as nearly  as  possible
  the  percentage  of the total assets of the employees' retirement system
  which are attributable  to  policemen  and  firemen  and  other  persons
  transferred   determined  from  the  actuarial  valuation  as  of  March
  thirty-first, nineteen hundred sixty-seven. The  assets  so  transferred
  shall  include a proportionate share of contributions from participating
  employers to be received by the employees' retirement system after April
  first, nineteen hundred sixty-seven, based on valuations prior  to  that
  date.   The comptroller is hereby authorized and directed to invoice for
  and to collect such contributions for the employees'  retirement  system
  in  the same manner and to the same extent as if the members transferred
  to the system established by this article had continued  as  members  of
  the employees' retirement system.