28
THE RETIREMENT ACT
(Continued from Page 27)
(3) All funds paid into the fund shall be
deposited with the state treasurer, who
shall be custodian of the fund and pay all
warrants drawn on it in compliance with
the law. No such warrant shall be paid
until the claim for which it is drawn is
first approved by the executive secretary
and otherwise audited and verified as re
quired by law.
(4) With the approval of the board and
subject to the limitations in the laws of the
state, the state bond commission may in
vest any part of the fund.
(5) The board shall provide for an an
nual audit of the retirement fund and for
an annual report to the members of, and
employers participating in, the system.
Section 11. (1) The administrative ex
penses of the system shall be paid from
the contributions which this act requires
the members of the system and the em
ployers participating in it to pay into the
public employes retirement fund.
(2) In order to facilitate financing the
establishment and administration of the
system the board may designate fiscal per
iods and may provide that extraordinary
expenses incurred during one such period,
such as expenses for equipment and actu
arial studies, may, for purposes of equitably
distributing part of the burden of the ex
penses to members who join and employers
BUILDERS'
SUPPLY
CO.
Concrete Pipe and
Products
Ready-Mix Concrete
who begin to participate in the system after
the expenses are incurred, be apportioned
to subsequent fiscal periods in such a man
ner as to the boards seems equitable.
(3) For each fiscal period designated by
the board there shall be deducted from the
account of each member of, and each em
ployer participating in, the system that
fraction of the administrative expense of
the system for that period which the mem
ber’s or employer’s total contribution to
the fund for the period is of the sum of all
the members’ and employers” contributions
to the fund for the period.
Section 12. A working fund for the sys
tem is hereby established from which, pend
ing the time that the funds in the public
employes retirement fund are sufficient to
carry out the provisions of this act, funds
may be drawn to defray the expenses which
the board deems necessary to acquire
equipment, make actuarial studies, employ
personnel, and take other steps necessary
to establish the system and begin operating
it. Whenever, in the judgment of the gov
ernor and either the board of the executive
secretary, it becomes necessary for any of
those purposes to meet demands payable
from the working fund, they may certify to
the secretary of state and the state treas
urer that in their judgment it is necessary
to borrow a specified sum for that purpose
from funds in the general fund of the state
treasury not otherwise appropriated. Upon
receiving the certificate the secretary and
treasurer shall credit to the working fund,
as an appropriation from funds in the gen
eral fund not required for immediate dis
bursement, the sum so cerified, which shall
be repaid to the general fund by the end of
1946, together with interest thereon at the
rate which the secretary and treasurer spe
cify, but not exceeding 4 per cent per an
num. For the purpose of making such funds
available for the working fund there is
hereby appropriated fifty thousand dollars
($50,000) from funds in the state treasury
not otherwise appropriated.
Section 13. At least once every four years
the board shall cause a competent actuary
familiar with public systems of retirement
and death benefits to prepare a report
evaluating the current and prospective as
sets and liabilities of the system and indi
cating its current and prospective financial
condition. In preparing the report the ac
tuary shall investigate the mortality, dis-
Boeckel & Weber
Texaco Service
Authorized D ealers
W estern Auto Supply
Sweet Home, Oregon
Phone 528
CORVALLIS. OREGON
611 S. Second St.
45 West 7th
Scoberl Building
Material Co.
Eugene, Oregon