(A) The Retirement Commission shall be the trustee of the assets of the retirement system and shall have full power to invest and reinvest such assets in accordance with the provisions of Public Act 314 of 1965, as amended, and as the same might from time to time be amended. The Commission shall have the power to purchase, hold, sell, assign, transfer, exchange and dispose of any of the securities and investments in which any of the moneys of the system have been invested, as well as the proceeds of such investments and moneys belonging to the system.
(B) All assets and moneys belonging to the system shall be held in the name of the city’s employees’ retirement system and shall be placed in such depositories as the Commission shall from time to time determine. Access to and withdrawal of such assets and moneys shall be in accordance with such rules and regulations as the Commission shall from time to time adopt.
(C) The description of the various funds and divisions of the retirement system shall be interpreted to refer to the accounting records of the system and not to the segregation of the assets in the funds and divisions of the system. All moneys and assets of the system shall be kept and accounted for separate and distinct from the other moneys and assets of the city.
(Prior Code, § 2-240) (Ord. 368, passed 9-25-1967)