(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the Arkansas Public Employees' Retirement Fund.
(b) This fund shall consist of trust funds as provided by law.
(c) It shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.
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