16 Pa. Code § 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.
Notes
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