1. There is hereby established a special fund to be known as the city supplemental pension fund. Such fund shall consist of such monies as may be appropriated thereto by the city and all other monies received for such fund from any other source pursuant to law.
2. The city supplemental pension fund shall be under the jurisdiction and control of the comptroller, who shall be the custodian thereof. He or she shall submit annually reports to the board of estimate or more often, if requested by the board. The fund shall be held separate and apart from any other funds or monies of the city and shall be used exclusively for the purpose of making city supplemental pension or supplemental retirement allowance payments as provided in this subchapter. The comptroller shall have power to invest and keep invested monies in the fund within the limits prescribed for investment under the state insurance law. Monies of the fund shall be paid out only after audit by and on warrant of the comptroller.