The Board of Trustees shall have the power to enter into a group annuity contract or contracts with any legally licensed insurance company authorized to do business in the state, for the purpose of providing retirement benefits for employees, and may amend such contract from time to time and make payment to such company pursuant to the contract, out of the fund created by appropriations from the city and contributions by employees, in order to provide the retirement benefits under the contract.
(Prior Code, § 30.080)