§ 1–903.03. Management of the Funds.

(a) The Retirement Board shall be the custodian of the assets of the Funds and shall manage and invest the assets in accordance with the Retirement Reform Act and this chapter.

(b) The assets of the Funds shall be kept separate from other monies that may be under the control of the Retirement Board, but need not be kept separate from the assets of the separate funds comprising the Funds if the Retirement Board determines that commingling of those assets is advisable for investment purposes.

(c) The Retirement Board shall maintain, in an appropriate depository, a cash reserve for the Funds in an amount determined by the Retirement Board to be sufficient to meet current outlays for annuities and other retirement and disability benefits authorized to be paid from the Funds.