§ 23-276. Expense fund.

Latest version.

The expense fund shall be the fund from which the expenses of the retirement system shall be paid, exclusive of amount payable as retirement allowances and other benefits provided therein. Contributions shall be made to the expense fund as follows:
(1)

The board of trustees shall determine annually the amount required to defray such expenses for the ensuing fiscal year.

(2)

Any surplus in excess of five thousand dollars ($5,000.00) existing at the end of any fiscal year in the expense fund shall be transferred to the pension accumulation fund.

(Ord. No. 11027, § 8(4), 1-18-73)

                    
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