A retirement system is hereby established and placed under the management of the Board of Trustees of the System for the purpose of providing retirement allowances and other benefits under the provisions of this chapter for teachers of the State of Vermont. The System shall begin operation and be established as of July 1, 1947. It shall have the power and privileges of a corporation and shall be known as the "State Teachers' Retirement System of Vermont," and by such name all of its business shall be transacted, all of its assets invested, and all of its cash and securities and other property held in trust for the purpose for which received. (Amended 2007, No. 13, § 23.)