Creation of retirement system; purpose, management, corporate powers and privileges, and certain rights in actions at law of retirement system; name under which retirement system to transact business

Power and duty of board of trustees to administer and operate retirement system; membership of board; vacancies; expenses; oath; quorum. Election of chairman and director; actuarial services; application of the State Personnel Administration; payment of costs of the State Personnel Administration. Treasurer of the board of trustees; manner of payment of funds of the retirement system; surety bond for the treasurer. Designation of medical board; duties. Legal adviser of the board of trustees. Designation of an actuary; duties of actuary; annual valuation of contingent assets and liabilities of the retirement system. Duty of board of trustees to 47-2-33. keep data necessary for actuarial valuations; duty to keep records of proceedings; annual report. Simplified tables for estimation of retirement allowances; effect on existing rights and benefits; formula for calculating service retirement allowances. Postretirement benefit adjustments. Deposits of cash available for disbursements for benefits and other payments. Investment powers; power to employ agents as investment advisers and to make investments. Personal interest in gains or profits from investments made by the board of trustees; unauthorized use of assets of the retirement system. Plan year designated. Article 3 Employee and Employer Contributions and Creation of Funds for Contributions, Benefits, and Administrative Expenses 47-2-50. 47-2-51. 45 Funds in which assets of the retirement system to be held. Annuity savings fund and employee contributions to it; deductions; effect of default with respect to employer contributions; payments, withdrawal, or transfer of funds. Employer’s duty to deduct and report employee contributions; duty of chief fiscal officer to remit employee contributions; effect of failure to comply. Effect of failure of any employee, employer, or reporting official to make contributions or to make reports with respect to employment and membership. Sec. 47-2-54. 47-2-58.