Administration of the plan - rules

(1) (a) Contributions and earnings to all components of the statewide retirement plan shall be held in trust as part of the defined benefit system trust fund. (b) There is hereby established in the defined benefit system trust fund, a lifetime benefits account into which contributions made pursuant to sections 31-31.5-301, 31-31.5-302, and 31-31.5-303 must be deposited. The defined benefits of the lifetime benefit components, including cost of living adjustments provided by the plan pursuant to part 4 of this article 31.5, together with the expenses of administering the lifetime benefit components of the plan, shall be paid from the account. The lifetime benefits account shall be invested within the fire and police members' benefit investment fund. (c) There is established in the defined benefit system trust fund, a money purchase account into which contributions made pursuant to section 31-31.5-304 must be deposited and assigned to individual accounts and administered pursuant to part 5 of this article 31.5. The board may create subaccounts within the account to adequately track the vesting and the source of money deposited into the account on behalf of each member. The money purchase component account must be invested within the fire and police members' self-directed investment fund. (d) The board shall keep an accurate account of the assets and liabilities of the lifetime benefits account and the money purchase component account. (2) The board may adopt by rule such matters as may be necessary to codify the board's interpretation, administration, and management of the statewide retirement plan. (3) The board may provide for the administration of domestic relations orders issued pursuant to article 10 of title 14 with regard to the plan or its predecessor plans.