72-5502. School employees savings fund; state school retirement fund; transfers; uses.
72-5502
72-5502. School employees savings fund; state school retirement fund;transfers; uses.There are hereby created the school employees savings fund and the stateschool retirement fund.
(a) The school employees savings fund shall be the fund in which shallbe placed and accumulated the deductions received under this act. Theaccumulated deductions of the school employee returned to him upon hiswithdrawal, or paid to his estate, or designated beneficiary, in the eventof his death, as provided in this act, shall be paid from this fund.Investments authorized to be made by the board shall be made from this fundand interest received thereon shall be paid into this fund. Transfers fromthis fund shall be made to the state school retirement fund as needed forthe purpose of paying savings annuities. All expenses necessary for theadministration of this act shall be paid from this fund.
(b) All money transferred or appropriated by the state for the paymentof service annuities shall be placed in the school retirement fund.
(c) The state school retirement fund shall be the fund from which allschool annuities shall be paid.
History: L. 1941, ch. 341, § 2; L. 1963, ch. 380, § 1; June 30.