§ 4-12-1. Trust fund established.

Latest version.

A trust fund is established, effective October 1, 1948, to be known as the retirement fund of the city, which shall consist of all of the moneys paid into it in accordance with the provisions of this title, whether such moneys shall take the form of cash, securities or other assets. The trust fund is accepted by the comptroller, as trustee, in Shelby County, Tennessee, and shall be held, administered, controlled and disbursed by the comptroller. The comptroller shall have no responsibility whatsoever either for the control, management, administration or amendment of this trust fund or for the amount or payment of contributions to the trust fund, except to receive, hold and distribute the same, together with earnings thereon, in accordance with the provisions of this title.

(Code 1985, § 25-30; Ord. No. 3907, § 1, 12-5-1989)

                    
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