nonrecurring, start-up costs shall be paid by the board with an
annual appropriation to the board for administrative costs. Any
other costs may be charged against participant accounts.
§ 7108. Investments and expenses.
The board shall not be responsible for an investment loss
incurred in the system or for failure of an investment to earn
any specific or expected return or to earn as much as any other
investment opportunity, whether or not the other investment
opportunity was offered to active members in the system. The
board shall bear the expenses arising from allowing public
employees to elect to participate in the system and active
members to choose a fund manager which are deducted from
compensation amounts contributed under the system and
transferred to the fund manager. All other expenses arising from
the administration of the system shall be assessed against the
accounts created on behalf of active members either by the fund
managers or by the board.
§ 7109. Attachment.
Notwithstanding any other provision of law, a benefit or
interest available under the system, a right to receive or
direct payments under the system or a distribution of payment
made under the system shall not, except as expressly specified
by the system, be subject to assignment, alienation,
garnishment, attachment, transfer, anticipation, sale, mortgage,
pledge, hypothecation, commutation, execution or levy, whether
by voluntary or involuntary act of an interested person.
§ 7110. Investments.
Investment of contributions by a corporation, institution,
insurance company or custodial bank that the board has approved
shall not be unreasonably delayed, and in no case shall the
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