§ 81.9. Management and investment of Fund; interest credits.
(a) The Board will have the exclusive responsibility to manage the Fund with full power to invest the moneys therein, subject to the terms, conditions, limitations and restrictions imposed by law upon fiduciaries. The assets of the Fund shall be held in trust. No part of the assets of the Fund will be used for or diverted to purposes other than for the exclusive benefit of the members, their spouses or the member’s beneficiaries prior to the satisfaction of all liabilities of the Fund with respect to them, provided that the Fund shall be used to pay reasonable administrative expenses of the System.
(b) The Board may take action necessary and appropriate to facilitate the purchase, sale and custody of Fund assets.
Source The provisions of this § 81.9 amended June 23, 2000, effective June 24, 2000, 30 Pa.B. 3168. Immediately preceding text appears at serial page (260163).
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