8-35-318 - Local board of education not entitled to establish local fund.
8-35-318. Local board of education not entitled to establish local fund.
(a) Any other provision of the law to the contrary notwithstanding, a local board of education shall not be entitled to establish a local teacher retirement fund.
(b) Notwithstanding the foregoing, this section shall not affect the rights, benefits and privileges of teachers presently participating in a local retirement fund.
[Acts 1989, ch. 505, § 8.]