1. (a) The retirement system shall deposit all receipts with a depository designated under Section 845.109 or a custodian designated under Section 845.302.

2. (b) All assets of the pension trust of the retirement system shall be credited according to the purpose for which they are held to one of the following funds:

   1. (1) employees saving fund;
   2. (2) subdivision accumulation fund;
   3. (3) closed subdivision annuity reserve fund;
   4. (4) income fund;
   5. (5) endowment fund; or
   6. (6) expense fund.
3. (c) Amounts contributed by a subdivision to provide benefits under the optional group term life program for its participating employees and retirees shall be deposited to the optional group term life fund and maintained by the board of trustees as the optional group term life trust.

Acts 1981, 67th Leg., p. 1876, ch. 453, Sec. 1, eff. Sept. 1, 1981.

Amended by Acts 1981, 67th Leg., 1st C.S., p. 215, ch. 18, Sec. 57, eff. Nov. 10, 1981. Renumbered from Vernon's Ann.Civ.St. Title 110B, Sec. 55.305 and amended by Acts 1989, 71st Leg., ch. 179, Sec. 1, eff. Sept. 1, 1989.

Amended by Acts 1997, 75th Leg., ch. 309, Sec. 22, eff. Dec. 1, 1997.

Acts 2005, 79th Leg., Ch. 506 (H.B. 633), Sec. 24, eff. January 1, 2006.

Acts 2007, 80th Leg., R.S., Ch. 873 (H.B. 1587), Sec. 76, eff. January 1, 2008.

Acts 2009, 81st Leg., R.S., Ch. 300 (H.B. 407), Sec. 29, eff. January 1, 2010.

Acts 2015, 84th Leg., R.S., Ch. 303 (S.B. 463), Sec. 5, eff. June 1, 2015.