New York City Employees Retirement System Jan. 26 committed $50 million to Cypress Merchant Banking Partners II, an alternative investment fund, said Richard Halverson, deputy comptroller for pensions. Funding will come from rebalancing. The $55 billion fund also voted to renew its contract with its consultant, Callan Associates, he said. Separately, Jane Levine, currently deputy comptroller for legal affairs, will replace Mr. Halverson as deputy comptroller for pensions. Ms. Levine will assume her new duties on Feb. 1 when Mr. Halverson leaves to become vice president for finance and education at St. Francis College, Brooklyn Heights, N.Y.