(a) The county establishes a trust, which is part of the retirement system, for the benefit of the members of the retirement system. The trust consists of the money and property of the retirement system on the day before the day all the trustees have accepted the trust in writing, and any earnings, profits, increments, appreciation, and other additions that accrue.
(b) All of the money and property, all investments made with that money and property, and all earnings, profits, increments, and other additions, less the payments previously made by the board, are to be referred to as the trust fund.
(c) The board has legal title to all cash and other property of the retirement system, but may delegate some or all incidents of ownership as provided in this article. (1987 L.M.C., ch. 29, § 11.)
Editor’s note—See County Attorney opinion dated regarding the County’s liability for errors in the administration of the pension and retirement funds of employees.
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