§ 6-202. Pension and Retirement Funds.

Latest version.

(1)

All funds maintained for the purpose of paying any pension or retirement benefits, payments or refunds, or for providing any reserve or accumulation with respect thereto, shall constitute "pension and retirement funds."

(2)

No payments shall be made from any pension or retirement fund for any purpose other than to pay benefits authorized to be paid from such funds; to make investments as may be provided by law; or to refund contributions to the members of such funds. All operating expenses of pension and retirement systems shall be payable only from operating funds.

(3)

The governing authority of any pension or retirement fund may arrange with the Board of City Trusts for the administration of the reserves held by such pension or retirement fund.

                    
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