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(a) Affiliation. The board has, pursuant to state law, chosen to affiliate with the retirement association. As a result of the affiliation, the assets of the local pension plan have been transferred to a fund administered by the retirement association. The retirement association is required to keep an accurate accounting of each member's fund and to disburse monies for the fund in accordance with state law and upon demand by the board. Whenever the board makes a decision which calls for a disbursement from the fund, the board shall comply with any and all rules or regulations of the retirement association for disbursement of funds. The retirement association maintains a separate fund for the purpose of providing disability and death benefits not covered under this article.

(b) Financial reports. The director of finance shall report quarterly to the board on:

(1) Upon receipt from the FPPA, the FPPA mandated contributions;

(2) Employee's contributions made to FPPA; and

(3) City's contributions made to FPPA. (Code 1979, § 15-118)