(1) 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 “Teacher Retirement Fund”.
(2) The fund shall consist of trust fund income as provided by law.
(3) The fund shall be used for: The operation, maintenance, and improvement of the Arkansas Teacher Retirement System;
(4) Payment of retirement and disability benefits;
(5) Making refunds; and
(6) Investing surplus funds.