A. The corrections officer retirement plan and the corrections officer retirement plan fund are established.
B. The fund consists of the monies and assets generated by the operation of the retirement plan. The fund shall be used exclusively to pay benefits to and on behalf of members and beneficiaries in accordance with the provisions of this article and to pay the administration, operation and investment expenses of the plan and fund. In no case shall all or any portion of the fund revert or otherwise be paid to an employer.
C. The board is entitled to administer, manage and operate the plan and fund.
D. The corrections officer retirement plan is a jural entity that may sue and be sued.