1. (a) Each public pension and retirement fund of the system shall pay the expenses of administration attributable to that public pension or retirement fund.

2. (b) The board shall:

   1. (1) prorate the expenses of administration of the system that cannot be attributed to a particular public pension or retirement fund and the bond of the director among; and

   2. (2) pay the prorated expenses from;

      the public pension and retirement funds of the system.

As added by P.L.23-2011, SEC.22.