2478 ARTICLE 77.

of such deceased member, as may be elected, subject to the rules and regu-
lations of the retirement board.

(3) In the case of the death or withdrawal from service of such mem-
ber before the completion of six years of service in the public schools of
the State or in any educational institutions supported and controlled by
the State, the contributions made by the State on his account, as herein-
before provided, shall be placed in the reserve fund hereinafter estab-
lished, for the general purposes of the retirement system.

(4) Contributions returned as above provided shall be paid in lump
sums or in installments as the member may elect, subject, however, to such
reasonable rules and regulations as may be prescribed by the retirement
board.

1920, ch. 509, sec: 16.

108. That portion of the salary or wages of a member deducted or to
be deducted under this sub-title, the right of a member to an annuity or
allowance hereunder, and all his rights in the funds of the retirement
system, shall be exempt from taxation, and from the operation of any
laws relating to bankruptcy or insolvency, and shall not be attached or
taken upon execution or other process of any court. No assignment by a
member of any part of such funds to which he is or may be entitled, or of
any right to or interest in such funds, shall be valid.

1920, ch. 509, sec. 17.

109. (1) All funds of the retirement systems shall be in the custody
and charge of the State Treasurer, who shall invest and reinvest such
funds as are not required for current disbursements in accordance with
the laws of the State governing the investment of the assets of savings
institutions.

(2) The State Treasurer shall make such payments to the members
of the retirement association from the annuity fund as the retirement
board shall order to be paid in accordance with the provisions hereof.

(3) On or before the first day of August in each year, the State Trea-
surer shall file with the Insurance Commissioner and with the secretary
of the retirement board a sworn statement exhibiting the financial condi-
tion of the retirement system on the thirtieth day of June in each year,
and its financial transactions for the year ending on such date. Such state-
ment shall be in the form prescribed by the retirement board, and shall
be published with the report of the State Treasurer.

1920, ch. 509, sec. 18.

110. A reserve fund is hereby created, to consist of gifts and receipts
from sources other than those herein specified, returns to the State of its
contributions to the annuity fund as hereinbefore provided, and balances
that may accrue on account of interest, savings or otherwise, which fund
shall be maintained and used, in the discretion of the retirement board, for
unforeseen contingencies, expenses of administration, or any other purpose
within the scope of the retirement system.