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Subject to the limitations on applicability contained in C.R.S. tit. 31, art. 30, pt. 10(C.R.S. § 31-30-1001 et seq.), the rank escalation benefit provided in section 102-248 of this article shall continue uninterrupted from and after January 1, 1980. This section constitutes the election by the city pursuant to C.R.S. § 31-30-1014(4)(b)(II) to continue full rank escalation retirement benefits for all police officers hired by the City on or before April 7, 1978, who elect to remain covered by this local plan. A rank escalation retirement benefit fund is established into which sufficient funds shall be deposited to defray the payment of such benefits. The board shall be the custodian of such fund but may, in its discretion, arrange for the management, investment, and/or administration of such fund by the Colorado Fire and Police Pension Association Board pursuant to agreement between the two boards. The board shall, biennially, or more often if deemed necessary, arrange for an actuarial study of such fund. (Code 1979, § 15-105)