The mayor and council shall, within one (1) year after the creation of the civil service commission, establish a fund or funds for the pensioning of persons in the classified service of the city; may retain a reasonable amount from the monthly salary of, and may make necessary regulations for contributions to the pension fund by, such persons; may receive gifts, devises, bequests of money or property for the benefit of such fund or funds, may make contribution of public moneys thereto on such terms and conditions as it may see fit; and shall make rules and regulations for the management, investment and administration of such fund or funds.
Cross References: Civil service, ch. XXII.