(a) The retirement account is established.
(b) The board has the control and management of the retirement account which shall contain all the assets of the retirement system.
(c) From the retirement account shall be paid:
(i) Refunds of member accounts in accordance with this article;
(ii) Benefits for members retired under the terminated systems;
(iii) Repealed by Laws 1994, ch. 67, § 3.
(iv) Retirement or disability benefits under this article;
(v) Death and survivor benefits as provided for by this article; and (vi) Reasonable administrative expenses under this article.