Section 13-567. Variable annuity funds

a. There shall be established, in
  addition to the funds already provided  for,  five  funds  to  be  known
  collectively  as the variable annuity funds and individually as: (i) the
  variable annuity savings fund, (ii) the variable annuity  reserve  fund,
  (iii)  the variable pension accumulation fund, (iv) the variable pension
  reserve fund, and, (v)  as  a  segregated  portion  of  the  contingency
  reserve fund, the variable contingency reserve fund, respectively.
    b.  The  variable annuity funds A and B shall continue, subject to the
  provisions of subdivision c of this section.
    c. Subject to the provisions of subdivision d  of  section  13-570  of
  this  chapter,  the  retirement board may, from time to time, establish,
  modify or abolish  such  additional  variable  annuity  fund  or  funds,
  including,  but  not limited to such funds as described in subdivision b
  of this section, each of which shall  include  (i)  a  variable  annuity
  savings  fund,  (ii)  a  variable annuity reserve fund, (iii) a variable
  pension accumulation fund, and (iv) a  variable  pension  reserve  fund.
  Each  such  variable  annuity  fund  shall  be  invested  in  the manner
  described in the resolution creating or modifying the  variable  annuity
  fund  and  the  retirement  board  shall  establish a new start date and
  initial unit value for each such fund.
    d. In establishing and investing or abolishing  the  variable  annuity
  funds  the  retirement  board shall take no action that would render the
  retirement system not a qualified plan under  Section  401  (a)  of  the
  Internal  Revenue  Code  of  1986 or the tax-deferred annuity program in
  violation of Section 403 (b) of the Internal Revenue Code of 1986.
    e. With respect to any member or retired member, a reference to any of
  the variable annuity funds without further specification shall be  taken
  as a reference to the fund or funds in which such member has an account.
  A  general  reference  to  any one of the variable annuity funds without
  further specification shall be taken as a reference to the one, or more,
  or all such funds, according to the context.  A  provision  invoking  an
  election  or  other  transaction  which requires a distinction among the
  variable  annuity  funds  shall  apply  when  such  election  or   other
  transaction  is  effective  on  or  after the new start date. Should the
  retirement board,  by  resolution,  establish  one  or  more  additional
  variable  annuity  funds pursuant to subdivision c of this section, each
  such fund or funds shall be governed by and be subject to the provisions
  specified  in  this  chapter  as  applicable  to  funds  A  and  B,   as
  appropriate.