§ 8-37-102 — Custodian of funds - Disbursements

(a) The state treasurer shall be the custodian of the funds of the retirement system. (b) All payments from such funds shall be made by the state treasurer on warrants or vouchers issued and signed by such person as is designated by the board. (c) A duly attested copy of a resolution, if the board designating such person and bearing on its face the specimen signature of such person, shall be filed with the commissioner of finance and administration as the state treasurer's authority for issuing warrants upon such vouchers. (d) For the purpose of meeting disbursements for state annuities, member annuities, and other payments, there may be kept available cash, not exceeding ten percent (10%) of the total amount in the funds of the retirement system, on deposit in one (1) or more banks, savings and loan associations or trust companies in the state, organized under the laws of the state or of the United States, and qualified as state depositories.

Legislative History

Acts 1972, ch. 814, § 7; 1978, ch. 708, § 6.05; T.C.A., § 8-3929(4), (5).