A retirement system is hereby created and placed under the administration of the Board to provide retirement allowances and other benefits for judges and solicitors commencing July 1, 1979. It shall have the power and privileges of a corporation and shall be known as the Retirement System for Judges and Solicitors of the State of South Carolina, and by such name all of its business shall be transacted, all of its funds invested, and all of its cash, securities and other property held.