The retirement reserve fund shall be the fund from which all pensions and retirement
allowances shall be paid.
Upon the retirement of the member his accumulated deductions together with regular
interest shall be transferred to the retirement reserve fund from the annuity savings
fund. The reserve needed to produce the pension shall be transferred from the contingent
reserve fund. If the pension of a member who has been retired is subsequently canceled, the appropriate
reserve shall be transferred to the contingent reserve fund. If the retirement allowance of a member who has been retired is subsequently cancelled,
the appropriate reserve shall be transferred to the annuity savings fund and the contingent
Any surplus or deficit developing in the retirement reserve fund shall be adjusted
from time to time by transfer to or from the contingent reserve fund by appropriate
action of the retirement system upon the advice of the actuary.
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