Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 881.110. Management and investment of fund;  interest credits

(a) The members of the board shall be trustees of the fund, and shall have the exclusive management of said fund, with full power to invest the moneys therein, subject to the terms, conditions, limitations and restrictions imposed by law upon fiduciaries.  The said trustees shall have power to hold, purchase, sell, assign, transfer and dispose of any securities and investments in said fund, as well as the proceeds of such investments, and of the money belonging to such fund.

(b) The board shall annually allow regular interest to the credit on each contributor's account, municipal account, the retired members reserve account and the total disability reserve account.  The board shall monthly credit DROP interest to the subsidiary DROP participant accounts in accordance with established procedures.

(c) The board shall, after deducting money to pay for the appropriate expenses, allow excess interest as each contract provides to the credit of the municipal accounts, member's accounts, the member's excess investment accounts and retired members reserve accounts.  Except as provided in a contract, the board shall credit the excess interest to the plan's municipal account.