New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 352 - Investment Advisory Committee
Section 352.4 - Duties

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.