The reserve for undistributed investment income shall be the account to which shall be credited all interest, dividends, and other income from the investment of retirement system assets, all gifts and bequests received by the retirement system, all unclaimed accumulated contributions and pensions, all appropriations for administrative expenses, and all other monies received by the retirement system the disposition of which is not specifically provided. There shall be transferred from the reserve for undistributed investment income all amounts required to credit regular interest to the reserve for employee contributions, reserve for employer contributions, and the reserve for retired benefit payments, and to pay administrative expenses of the retirement system (to the extent monies are appropriated for this purpose). Whenever the Board of Trustees determines the balance in the reserve for undistributed investment income is more than sufficient to cover current charges to the account, the excess or any part thereof may be used to provide contingency reserves or to meet special requirements of the other reserve accounts of the retirement system. Whenever the balance in the reserve for undistributed investment income is insufficient to meet the current charges to the account, the amount of the insufficiency shall be transferred from the reserve for employer contributions.
(Ord. passed 11-20-1980; Am. Ord. 09-01, passed 2-5-2009)