§951.53. Expense fund account; payments to and disbursements from account
A. The expense fund account is the account to which shall be credited all money provided for the payment of expenses. From this account the expenses of the administration of the retirement system shall be paid, exclusive of amounts payable as retirement allowances and as other benefits provided herein.
B. Any surplus in the expense fund account shall be transferred annually to the surplus and contingency account.
C. The board of trustees may transfer to the expense fund account from the pension accumulation account, at any time, any amount earned from the investment of the assets of the retirement system in excess of interest at the rate per annum of regular interest on the total assets of the retirement system.
Redesignated from R.S. 17:1083 pursuant to R.S. 24:253.
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