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(a) In addition to the various retirement systems funds established as trust funds in the State Treasury, a bank trust fund or funds may be established and maintained in such depository bank or banks as may be designated by the boards of trustees of the respective retirement systems.
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(b) Each bank fund shall consist of and there may be deposited in the fund:
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(1) All employer contributions, including any interest;
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(2) All employee contributions, including any interest;
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(3) Interest, dividend, and other incomes realized from investments and reinvestments;
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(4) Interest earned upon any moneys in the fund; and
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(5) Such other proceeds as may be derived from the sale, exchange, redemption, transfer, or disposition of any securities or investments.
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(c) The following disbursements may be made from the bank funds:
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(1) Payments for all securities and investments, the purchase of which is authorized by law, which may include principal, accrued interest, commission, taxes, and fees;
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(2) Payments for money manager and custodian bank fees;
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(3) The deposit to the appropriate State Treasury fund for the payment of annuities and refunds as authorized by law that are paid on vouchers issued by the respective retirement systems and on warrants issued thereon by the Auditor of State;
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(4) The payment of annuities and refunds as authorized by law that are paid on cash fund vouchers issued by the respective retirement systems and on checks or wire transfers issued from bank funds; and
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(5) The deposit to the appropriate State Treasury fund for the payments of salaries, maintenance, and operating expenses of the retirement systems supported from investment earnings.
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