(a) Whereas, the Retirement and Social Security Law establishes the Comptroller as trustee and administrative head of the New York State and Local Employees' Retirement System and the New York State and Local Police and Fire Retirement System, with power to adopt rules and regulations for the custody and control of its Funds (Retirement and Social Security Law, sections 11, 13, 311, 313);

(b) Whereas, the “Common Retirement Fund” Act (sections 420 et seq. of the Retirement and Social Security Law) establishes, under the custody of the Comptroller as trustee, a Common Retirement Fund consisting of the assets of the two systems;

(c) Whereas, the Comptroller in 1959 established the Investment Advisory Committee to advise him in regard to investment policies;

(d) Whereas, the “Common Retirement Fund” Act was amended in 1970 to give statutory status to the committee, providing that the Comptroller shall appoint an Investment Advisory Committee to assist in the management of the monies of the Common Retirement Fund; and

(e) Whereas, in order to accomplish the purpose of such amendment and to provide more specifically for the organization and operation of the Investment Advisory Committee, the Comptroller desires to establish rules in regard to such matters as the number of members of the committee, their selection, the procedures whereby the committee transacts its business, ethical standards, and other related matters, this Part is hereby adopted.