The date of establishment of the Retirement System shall be July 1, 1975. The System shall be known as the "Vermont Municipal Employees' Retirement System", 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. (Added 1973, No. 251 (Adj. Sess.), § 3; amended 2007, No. 13, § 37.)