(a) The Retirement Commission shall have full power to invest and reinvest the funds of the retirement system, subject to all terms, conditions, limitations and restrictions imposed by the laws of the State upon life insurance companies in the making and disposing of their investments, except that notes, bonds or obligations of any county, city, village or district in the State shall not be subject to such restrictions and limitations.
(b) The Commission shall have full power to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments in which any of the funds of the retirement system have been invested, as well as the proceeds of such investments and any moneys belonging to the retirement system.
(c) All funds of the retirement system shall be held for the sole purpose of meeting disbursements for pensions, annuities and other payments authorized by the retirement system and shall be used for no other purpose. The description of the various funds of the retirement system in Sections 294.19 through 294.21 shall be interpreted to refer to the accounting records of the retirement system and not to be a segregation of moneys in the funds of the retirement system. Upon termination of the retirement system or upon complete discontinuance of contributions under the retirement system, the rights of all members to benefits accrued to the date of such termination or discontinuance, to the extent then funded, shall be nonforfeitable.
(Res. 02-323A. Passed 6-17-02.)