§ 45-21-32 - Retirement system established as corporation – Management.
SECTION 45-21-32
§ 45-21-32 Retirement system establishedas corporation – Management. – A retirement system is hereby established and placed under the management ofthe retirement board created by chapter 8 of title 36, for the purpose ofproviding retirement allowances for employees of participating municipalitiesof the state of Rhode Island under the provisions of this chapter and benefitsto the survivors of those employees. It has the powers and privileges of acorporation, and is known as the "municipal employees' retirement system of thestate of Rhode Island," and by that name all of its business shall betransacted, all of its funds invested, and all of its cash and securities andother property held. The administration of the retirement system established bythis chapter is entrusted to the retirement board, which has power to makereasonable rules and regulations for carrying out the provisions of thischapter including the time at, and manner in which, the participatingmunicipalities make the several payments required by this chapter.