(a) There shall be a retirement system for the employees of the city which shall be known as the “Employees’ Retirement Fund of the City of Fort Worth.” The employees’ retirement fund may provide a system of retirement and disability benefits for all municipal employees who become disabled as a direct and proximate result of the performance of their duties, or as a regard for faithful service over a period of years. The mayor, members of the council, members of boards and commissions, and part-time or temporary employees are not entitled to participate in the employees’ retirement fund.
(b) Such system shall be governed by a board of directors composed of such members and selected in such manner as may be provided by ordinance of the council, provided that municipal employees shall have representation on the board.
(c) Such system shall be financed by a retirement fund created by contributions of the members and of the city, in a manner as may be provided by ordinance of the council.
(d) The City of Fort Worth shall have and enjoy all of the powers and authority heretofore granted by the statutes and Constitution of the State of Texas and that may hereafter be so granted affecting pensions for its officers and employees.