103:11 Administration of Retirement Fund. –
I. All moneys collected by the board hereunder shall be forthwith remitted to the state treasurer who shall act as custodian of the retirement fund. Donations to the retirement fund may be accepted by the state treasurer. With the exception of such moneys as may be required for current disbursement, the state treasurer shall invest and reinvest the retirement funds in accordance with the laws governing the investments of savings banks, and further may invest and reinvest such funds in shares of cooperative banks and building and loan associations existing under the laws of this state and of federal savings and loan associations located in this state, and may make deposits in savings banks or trust companies existing under the laws of this state or in national banks located in this state. The fiscal year of the board shall begin July 1, unless otherwise established by the board.
II. Upon the receipt of an order from the board, it shall be the duty of the state treasurer to pay out of the retirement fund to such person as may be entitled thereto such benefits or compensation as the board may find due under the provisions hereof.
III. On or before the first day in August in each year, the state treasurer shall file with the secretary of the board a sworn statement exhibiting the financial condition of the retirement fund as of the thirtieth day of June of such year. Such statement shall be in such form as may be prescribed by the board and shall be published with the report of the state treasurer. The accounts of the board and the books and accounts of the state treasurer shall be audited and examined annually at the time and in the manner prescribed for the annual audit of the accounts of the state treasurer.