1. The Board shall establish a separate retirement fund known as the Police and Firefighters Retirement Fund. 2. All refunds, disability retirement allowances, benefits for survivors, and service retirement allowances paid to police officers and firefighters and their beneficiaries must be paid from the Police and Firefighters Retirement Fund. 3. All contributions paid by and for police officers and firefighters must be credited to the Police and Firefighters Retirement Fund. 4. The Police and Firefighters Retirement Fund must be administered by the Board and is subject to all restrictions and regulations applicable to the Board. 5. Any postretirement increase appropriated by the Legislature in accordance with this chapter must be paid to eligible retired police officers and firefighters and their beneficiaries from any such appropriation. 6. Investment return on moneys in the Police and Firefighters Retirement Fund must be deposited in that Fund at the end of each fiscal year based on annual average yield of the System. 7. The Board shall transfer appropriate employee and employer contributions made by and for members who transfer to and from the Public Employees Retirement Fund and the Police and Firefighters Retirement Fund.
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