§ 18. [Annuity savings fund.]

(a)

The annuity savings fund shall be continued and redesignated the reserve for members' contributions. It shall be the fund in which the contributions deducted from the compensations of members shall be accumulated with interest and from which shall be paid refunds of accumulated contributions.

(b)

The retirement reserve fund shall be continued and redesignated the reserve for retirement benefit payments. It shall be the fund from which shall be paid all retirement allowances payable as provided in this chapter.

(c)

The pension reserve fund shall be continued and redesignated the reserve for employer contributions. It shall be the fund in which shall be accumulated reserves for the payment of all retirement allowances payable from funds provided by the city.

(d)

The expense fund shall be continued and shall be the fund to which shall be credited all money provided by the city to pay all of the expenses for the administration of the retirement system from the investment income from the reserve for employer contributions. The board shall annually certify to the appropriating authorities of the city, on or beofre the first day of April according to legal budget procedure, the amount of appropriation necessary to administer the retirement system during the next fiscal year and the city shall appropriate such amount to the credit of the expense fund. In addition, the board may use a portion of the income of the system to defray the costs of investing, managing and protecting the assets of the system.

(e)

Provisions for the deposit, transfer and withdrawal of moneys from such funds shall be established by ordinance.

(f)

The board shall allocate interest on the member's individual balances in the reserve for member's [sic] contributions and on the assets credited to the reserve for retirement benefit payments as established by ordinance.

(Amd. of 11-5-96)

Cross reference

Expense fund, § 2-240.