19-19-201. Local boards of trustees of funds. (1) Each city or town that has a police retirement fund must have a board of trustees of the fund, except as provided in subsection (4). (2) A board of trustees existing under subsection (1) must consist of the mayor, clerk, and attorney of the city or town and two […]
19-19-202. Limit on use of fund. (1) Except as provided in subsection (2), a police retirement fund may not be used for any purpose other than to make payments authorized by this chapter to members of the police department on the retired list and to make authorized investments. (2) When a city or town no longer employs […]
19-19-203. Investment of fund. (1) All money in the fund in excess of such an amount as is considered necessary from time to time to meet current payments to retired police officers shall be invested as hereinafter provided. All interest on money belonging to the fund from any source belongs to and must be paid into […]
19-19-204. Trustees’ report to state auditor. The board of trustees of each police retirement fund shall on or before April 1 of each year report to the state auditor as to the financial condition of its fund. History: En. Sec. 3, Ch. 261, L. 1965; amd. Sec. 9, Ch. 335, L. 1974; amd. Sec. 6, Ch. 224, […]
19-19-205. Actuarial valuation of police retirement fund. (1) The city treasurer shall submit to the public employees’ retirement board before September 1 of each odd-numbered year all information requested by the public employees’ retirement board necessary to complete an actuarial valuation of the city’s police retirement fund. The valuation must consider the actuarial soundness of the […]
