A retirement system is hereby established and placed under the management of the retirement board created by chapter 8 of title 36, for the purpose of providing retirement allowances for employees of participating municipalities of the state of Rhode Island under the provisions of this chapter and benefits to the survivors of those employees. It has the powers and privileges of a corporation, and is known as the "municipal employees' retirement system of the state of Rhode Island," and by that name all of its business shall be transacted, all of its funds invested, and all of its cash and securities and other property held. The administration of the retirement system established by this chapter is entrusted to the retirement board, which has power to make reasonable rules and regulations for carrying out the provisions of this chapter including the time at, and manner in which, the participating municipalities make the several payments required by this chapter.
History of Section.
P.L. 1951, ch. 2784, § 11; G.L. 1956, § 45-21-32; P.L. 1959, ch. 23, § 6; P.L. 1981, ch. 11, § 1.