§ 114-78. Exclusive benefit.

A.

The trustees shall act solely and exclusively in the interests of members and their annuitants and beneficiaries; the assets comprising the trust, from time to time, shall be applied to payment of retirement allowances and other benefits hereunder and to discharge the reasonable and necessary expenses of the system.

B.

Except as otherwise provided in this article, no trustee or employee of the board shall have any direct interest in the gains or profits of any investment made by the trust, nor shall any trustee, when acting as such, receive any pay or other compensation, direct or indirect, for his services. No trustee or employee of the board shall, directly or indirectly, for himself, or as an agent, in any manner use funds of the trust, except to make current and necessary payments authorized by the trustees.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)