59-1372. TRANSFER OF ALL ASSETS, LIABILITIES, DUTIES, OBLIGATIONS AND RIGHTS TO EMPLOYEE SYSTEM. All of the funds, assets, liabilities, duties, obligations and rights of the board of trustees and members of the teachers system shall be transferred to and integrated with the employee system on July 1, 1967. The board of trustees of the teachers system is by this chapter abolished. Benefits payable to annuitants and beneficiaries of the teachers system shall become the obligation of the employee system on July 1, 1967 and shall be paid in the same amount as established by the teachers system. The funds of the teachers system are by this chapter abolished. Cash on hand in said funds shall be deposited by the state treasurer in the clearing account of the employee system. Evidence of indebtedness arising from invested money of said funds shall be transferred by the custodians thereof to the funding agent. The money and property of said funds shall become the money and property of the employee system.
History:
[(59-1372) 1967, ch. 115, sec. 2, p. 222; am. and redesig. 1990, ch. 231, sec. 51, p. 642.]