The payment of emeritus employees’ salaries shall be made from a special fund to be known as a “Retirement Fund”. This fund shall be kept on deposit in The Farmers & Stockmens Bank of Clayton, Clayton, New Mexico, as a separate fund segregated from the other funds of the town. The Town Clerk- Treasurer shall transfer monthly to the fund in the bank a sum equal to 3.5% of the total of salaries paid during the month to regular full-time employees of the town; the sums shall be paid from the particular fund or funds from which the salaries are paid, except that the General Fund of the town shall pay an amount equal to the percentage of the amounts paid in salaries from any bond funds of the town. Any surplus in the fund at the end of any fiscal year shall be held as a reserve in the fund and shall, upon order of the Board administering the funds, be invested by the Board as provided by law for the investment of public monies and all interest earned thereon shall be placed to the credit of the Retirement Fund.
(Ord. 341, passed 3-28-1951)