A. The "educational retirement fund" and the "educational retirement suspense fund" are created.
B. The state treasurer shall be the custodian of the funds, and the board shall be the trustee of the funds.
C. All membership fees, contributions from members and local administrative units, securities evidencing the investment of money from the fund, interest, gifts, grants or bequests shall be deposited in the educational retirement fund.
D. All amounts received in satisfaction of a claim brought by private attorneys on behalf of the board shall be deposited into the educational retirement suspense fund. The board shall disburse the compensation due the private attorneys, together with reimbursement for reasonable costs and expenses, in accordance with the terms of the contract with the attorneys. After the disbursements have been made, the balance of each deposit shall be distributed to the educational retirement fund.
History: 1953 Comp., § 77-9-11, enacted by Laws 1967, ch. 16, § 135; 2011, ch. 157, § 2.
ANNOTATIONSThe 2011 amendment, effective June 17, 2011, created the educational retirement suspense fund for deposit of funds received in satisfaction of claims brought by private attorneys and payment of attorney fees and cost.