The maintenance of employee annuity reserves and employer annuity reserves as provided for hereunder and regular interest creditable to the various funds as provided in this article and the payment of all annuities, retirement allowances, refunds, and other benefits granted hereunder, are made obligations of the employer annuity accumulation fund. All income, interest, and dividends derived from deposits and investments authorized hereunder must be used for payment of the obligations of the fund.

HISTORY: 1962 Code Section 61-72; 1952 Code Section 61-72; 1949 (46) 424; 1980 Act No. 407, Section 4; 1986 Act No. 309 Section 4, eff February 4, 1986.

Editor's Note

1986 Act No. 309, Section 9, provides as follows:

Any assets of the post-retirement increase special fund remaining as of June 30, 1986, are to be transferred to the employer annuity accumulation fund."

Effect of Amendment

The 1986 amendment (1) deleted two clauses which set forth exceptions and (2) made minor grammatical changes.