§ 22-82. Retirement account; prohibition on diversion of system assets.

Latest version.

(a)

All of the funds and assets of the Richmond Retirement System shall be held in trust and credited to a single retirement account in which shall be accumulated all contributions made pursuant to this chapter and to which all income from the invested funds and assets of the system shall be credited. From this account shall be paid the retirement allowances and the other benefits provided for in this chapter.

(b)

Upon no circumstances at any time prior to the satisfaction of all liabilities with respect to members and their beneficiaries under the trust shall any part of the trust corpus or income of the system be used for or diverted to any purpose other than for the exclusive benefits of the members and their beneficiaries and for the reasonable administrative expenses of the system.

(Code 1993, § 23.1-26; Code 2004, § 78-81)

(Code 1993, § 23.1-26; Code 2004, § 78-81)

                    
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