(A) There is established in the City a retirement and benefit fund for employees of the City, their dependents and beneficiaries. The fund is established forthwith and shall be known as the “Employees Retirement Fund of the City of Newport, Kentucky.”
(B) (1) In such name, its business shall be transacted, its moneys invested and its accumulated reserves consisting of cash, securities and other property held.
(2) It shall receive all assets, cash, securities and other property presently held by the trustees of an existing fund.
(1995 Code, § 2.88.040)