Local board of education not entitled to establish local fund

(a) Any other law to the contrary notwithstanding, a local board of education shall not be entitled to establish a local teacher retirement fund. (b) Notwithstanding the foregoing, this section shall not affect the rights, benefits and privileges of teachers presently participating in a local retirement fund. Acts 1989, ch. 505, § 8. (a) Any other law to the contrary notwithstanding, a local board of education shall not be entitled to establish a local teacher retirement fund. (b) Notwithstanding the foregoing, this section shall not affect the rights, benefits and privileges of teachers presently participating in a local retirement fund. Acts 1989, ch. 505, § 8.