Sec. 373.9. Funding assets

Latest version.

The benefit liabilities of the plan shall be funded on a plan year to plan year basis. The fund established under this section shall not be accumulated to pay benefits payable in future years. Any assets of the fund not used for paying benefits for a current plan year shall be used, as determined by the trustee, for the payment of the administrative expenses of the plan for the plan year or for future plan years or paid to the system as an additional employer contribution.

                    
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