Section 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 policemen's and firemen's 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.