§ 1.08. Retirement allowance account.

Latest version.

The retirement allowance account shall be the account in which all employer contributions, all amounts transferred from the members' contributions account, and all income from the invested assets of the fund shall be accumulated. From this account shall be paid the expenses of the pension commission in administering the system, death benefits, retirement benefits, and any other benefits payable after a member's retirement or death.

                    
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