(a) Creation of Funds. Two entirely separate and distinct funds hereby are created and established for the payment of pension benefits pursuant to this Tier 1 and certain other benefits as may be authorized from time to time pursuant to the enabling provisions of Section 1330 of Tier 1, one of which shall be known as the “Fire and Police Tier 1 Service Pension Fund” and the other of which shall be known as the “Fire and Police Tier 1 General Pension Fund.”
(b) Fire and Police Tier 1 Service Pension Fund. The Fire and Police Tier 1 Service Pension Fund shall consist of:
(1) contributions made, pursuant to Section 1324 concerning Member Contributions, from the salaries of members of the Fire Department and of the Police Department; and
(2) all interest, earnings and profits resulting from investments of such moneys.
(c) Fire and Police Tier 1 General Pension Fund. The Fire and Police Tier 1 General Pension Fund shall consist of:
(1) all moneys appropriated to the fund by the Council;
(2) all interest, earnings and profits resulting from investments of fund moneys; and
(3) all moneys transferred from the Fire and Police Tier 2 General Pension Fund created and established by Tier 2 of this Article.
(d) Use of Funds. The moneys in the Fire and Police Tier 1 Service Pension Fund shall be used, other than for the investment thereof, exclusively for the payment of service pensions granted pursuant to Section 1304 concerning Service Pensions. The moneys in the Fire and Police Tier 1 General Pension Fund shall be used, other than for the investment thereof and except as provided in subsection (e), exclusively for the payment of all pensions other than service pensions and such other benefits as may be provided by ordinance adopted pursuant to the provisions of Section 1330 of this Tier 1.
(e) Transfer to Service Pension Fund. In the event that the moneys in the Fire and Police Tier 1 Service Pension Fund should be insufficient, at any time, to pay all service pensions, then the Board shall have the power and authority to cause the Controller of the City to transfer to the fund sufficient moneys therefor from the Fire and Police Tier 1 General Pension Fund. In no other event shall any of the moneys in either of these funds be commingled with any of the moneys in the other of these funds, whether as moneys or cash on deposit or as moneys invested.