(a) The board of trustees of the pension and relief fund for paid nonuniformed employees shall have the power to draw sums from its treasury to invest in the name of the board of trustees of the pension and relief fund for paid nonuniformed employees in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located or in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, ยง 19-8-301 et seq.
(b) All securities shall be deposited with the treasurer of the board of trustees of the pension and relief fund and shall be subject to the orders of the board.
(c) (1) In those pension and relief funds for paid nonuniformed employees in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ:
(A) An investment advisor to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Public Employees' Retirement System; and
(B) A trustee or custodian to hold the assets.
(2) The investments shall not be limited to interest-bearing bonds.
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