(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the "Teacher Retirement Fund".
(b) The fund shall consist of trust fund income as provided by law.
(c) The fund shall be used for:
(1) The operation, maintenance, and improvement of the Arkansas Teacher Retirement System;
(2) Payment of retirement and disability benefits;
(3) Making refunds; and
(4) Investing surplus funds.
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