§ 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 department of financial services; "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 department of financial
services.

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 or her 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 police officers and firefighters and all other persons
transferred. After such determination, and subject to the approval of
the superintendent of financial services, 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 police officers and firefighters 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.