The Empire State comptroller’s office and insurance department are updating the rules governing the $154 billion New York State Common Retirement Fund.

The proposed rules will create a new audit committee; require an actuarial committee to review actuarial standards; establish new standards for evaluating investment performance and risk; and require the development of new conflict-of-interest disclosure and reporting standards for the comptroller, pension fund consultants and investment managers, officials say.

The fund will have to post its investment objectives, guidelines, limits and performance, and risk evaluation standards on the Web.

The proposed rules will appear in the New York State Register, and members of the public will be able to submit comments during a 45-day comment period, officials say.

The proposed rules would apply directly to funds that serve 1 million New York state and municipal government employees and retirees.

The rules would not apply to the New York State Teachers’ Retirement System or to the 5 New York City pension funds, but the New York State Insurance Department will be talking to those funds about improving the regulations that cover their operations, officials say.