The committee shall advise the Comptroller on investment policies relating to the monies of the common retirement fund and shall review, from time to time, the investment portfolio of the fund and make such recommendations as may be deemed necessary. Such recommendations shall be considered advisory only. The committee shall also provide its advice and consent to the appointment by the Comptroller of a separate Real Estate Advisory Committee to review proposed mortgage and real estate investments by the Common Retirement Fund. In making investments, as authorized by law, the Comptroller shall be guided by policies established by said committees from time to time.