5-6.5 Appropriation of Fund Monies.

   Amounts appropriated to the fund in accordance with this Section, and interest and other income thereon, may be applied in any fiscal year, upon appropriation, to offset amounts certified by the Board of the system under the Pension Act, or any successor provision of law, as necessary to be paid for such fiscal year to the funds of the system; provided that no such appropriation from the fund or any account therein shall exceed the amount, certified by the Collector-Treasurer upon the advice of the City Auditor, of the pension liability for which the amount to be so appropriated was reserved.

(Ord. 1984 c. 1; CBC 1985 5-6.5)

5-6.6 Fund Not to Vest, and the Like.

   This Section is not intended to, and shall not, create rights or entitlements of any kind in the establishment or funding of the fund, in amounts appropriated thereto or held therein in accordance with this Section, or in the disbursement or disposition of any such amounts, in favor of any member of the system or any other employee of the city. If the limitation on this Section stated in this Section shall be ineffective as a result of any existing or future provision of law or any final judicial or administrative determination, this Section shall be void and all amounts theretofor appropriated to and then held in the fund in accordance with this Section, and all interest and other income thereon, shall be transferred without further appropriation to the General Fund of the city.

(Ord. 1984 c. 1; CBC 1985 5-6.6)

5-6.7 Construction.

   This Section shall be liberally construed to further the purposes of the Funding Act and shall be deemed and construed to be supplemental and additional to, and not in derogation of, all powers conferred on the city by law.

(Ord. 1984 c. 1; CBC 1985 5-6.7)

5-6.8 Custodial Accounts, Deposits.

   In accordance with this Section, a separate sub- account shall be established and maintained in the fund into which shall be deposited and segregated all amounts on deposit on the effective date of this Section. All such amounts so deposited, and interest earnings thereon, are hereby designated in accordance with this Section to meet expected future pension costs payable with respect to employees of the Department of Health and Hospitals. All actions of the Collector-Treasurer and the Commissioner of Health and Hospitals heretofore taken in establishing such custodianship account, and the deposit therein during the fiscal year ended June 30, 1981, on account of pension costs of said Department in the prior fiscal year of cash and securities in the amount of $9,737,000 and the deposit therein during the fiscal year ended June 30, 1982, on account of pension costs of said Department in the prior fiscal year of $2,500,000, and the accumulation in said account of the interest earnings on such amounts, is hereby ratified and confirmed, and all such amounts shall be deemed, and are, transferred and appropriated as of their respective dates of deposit for the purposes of the fund and the sub-account therein designated for the Department of Health and Hospitals. The Collector-Treasurer and the Commissioner of Health and Hospitals are hereby authorized and directed to do all things and execute all instruments as may be required to transfer the aforesaid custodianship account to the fund and to establish it therein as a sub-account to be administered in accordance with the provisions of this Section.

(Ord. 1984 c. 1; CBC 1985 5-6.8)

5-6.9 Severability.

   Except for Subsection 5-6.6, inserted hereunder, the provisions of this Section are severable and if any provision hereof except said Section shall be held invalid in any circumstances, such invalidity shall not affect any other provision or circumstance.

(Ord. 1984 c. 1; CBC 1985 5-6.9)

5-7 BOSTON RETIREMENT BOARD.

5-7.1 Powers and Duties.

   The Boston Retirement Department shall be under the charge of the Boston Retirement Board, who shall exercise the powers and perform the duties provided by statute.

(St. 1922 c. 521; St. 1945 c. 658; Rev. Ord. 1961 c. 8 § 1; CBC 1975 Ord. T5 § 400; CBC 1985 5-7.1)